Australia represents a “fantastic market” for testing new initiatives with two developments expected to be rolled out this year, according to Lloyd’s Australia representative.
Chris Mackinnon said that Australia plays an important role in the modernisation plans for the entire group and noted that there are a number of factors that make Australia a “great market” for testing new initiatives. As a mature market, and the fourth largest in the world for Lloyd’s, Australia offers scale and a strong jurisdiction in terms of regulatory oversight.
“We can trial things here and if we trial things here, we know they will work elsewhere in the world. So we have got a cracking team at Lloyd’s Australia who are motivated and ready for change,” Mackinnon told Insurance Business.
“I think the other thing is Australia is a very innovative country,” Mackinnon continued. “We talk to the coverholders about a new idea and they embrace it and give it a crack as opposed to saying we don’t like change.
“It is a fantastic market to develop ideas in and Lloyd’s is very cognizant of that and is working very hard with my team and myself to drive some of those changes.”
Mackinnon noted that the market is currently working on several initiatives relating to its target operating model and improving the ease of doing business with coverholders and brokers.
“There are two major projects being investigated at the moment that we are likely to be piloting in Australia in the second half of the year,” Mackinnon continued. “Again, these are very much focused on making it easier to get into Lloyd’s and do business with Lloyd’s, so watch this space.”