The new chief executive of Lloyd's of London, Richard Ward, conceded yesterday that his insurance market had "forgotten what its customers want and need", claiming its pace of modernisation and change was still too slow.
Speaking at a conference in Brighton, Mr Ward said that while Lloyd's was proud to have some of the most innovative insurance solutions in the world, its administration continued to be "archaic".
"We have a reputation for having some of the most archaic back-office processes, which mean that some insurance policies have expired before the policy documents are actually delivered to the customer," he said.
"I'm afraid we simply can't continue to fool ourselves that one makes up for the other. We are basically a service industry that seems to have forgotten what its customers want and need. In recent years, there has been evidence that things are changing, but progress is still too slow."
Mr Ward, who took over as chief executive in April, told the conference that he intends to make Lloyd's the "marketplace of choice". Earlier this year Lord Levene, Lloyd's chairman, admitted that the market needed to pull itself out of the "dark ages".Reuse content