Indication that Lloyds of London is trying to modernise existing processes rather than re-imagine business models for the future. That requires clear vision, aims and strategy without which digital transformation is putting the "cart before the horse".
Many people who work in the market complain that management’s efforts to modernise focus too much on updating the current business model and not enough on asking deeper questions about what the business model should be. Mr Gittings said 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.”