Lloyd’s of London has revealed plans to split its operations into two automated exchanges and transfer much of its operations online to reduce operational costs and transform business.

The London-based insurance syndicate said that it will transform its operations in accordance with its strategy document entitled “The Future at Lloyd’s” in which it has outlined six new ideas.

At the outset, the company will launch the Lloyd’s Risk Exchange that will automate simple insurance business.

Using the new facility, less complex risks can be placed in minutes at a fraction of today’s costs, according to Lloyd’s.

Subsequently, it will introduce a second platform which will be used for complex risks. The facility will make it easy to execute business easily while also supporting digital placement of complex risks.

Lloyd’s CEO John Neal said: “Lloyd’s unique attributes – the ability to access unparalleled underwriting expertise, financial security and market access all in one place – are more relevant today than ever.

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“However, a dynamic risk environment combined with rapid advancements in technology has fundamentally changed the world. Lloyd’s is changing too, driven by a desire to provide the best (re)insurance products and services available anywhere.

“We will succeed by harnessing the entrepreneurial and innovative spirit that is at the heart of Lloyd’s. Together we have a tremendous opportunity to reimagine Lloyd’s and build a marketplace that is future focused, highly responsive to the changing and diverse needs of our global customers, with a culture of inclusivity and innovation.”

Lloyd’s said that the work to develop and deliver of prototypes will commence in October this year, with partial operational scheduled in early 2020.