David Gittings calls for Lloyd’s to launch 'deep review'
In an interview with the Financial Times, David Gittings says Lloyd’s needs to launch a deep review of how it operates and expresses his view that the insurance market is ready for more ‘radical change’.
Explaining the need for a deep review, David told the FT: “I don’t believe Lloyd’s is facing an existential crisis but it needs a thorough review of what it is trying to be. I don’t think we can stay as we are. If we keep doing what we are doing, our cost base will cripple us.
“There are going to have to be some tough calls but I get the feeling that the market is ready for more radical change.”
Lloyd’s chief executive Inga Beale announced at the beginning of July that she is to step down as its head. David talks about the need to look for an outsider to replace Ms Beale. “If we are going to do a proper strategic review, you need an outside perspective, somebody without the baggage of working in the market. But it would have to be someone with a record of commercial success. However, any new strategy has to be developed with the market - that means engaging with people and working with them.”
David concluded by saying that Lloyd’s must be clearer about its aims. “The confusion in people’s minds is whether we are running a market, or an insurer with its own central fund, brand and licences. We need to be clearer about what we are aiming to do.”