The Council of Lloyd’s has today granted in principle approval for the launch of Picnic Syndicate 2460 (Picnic), a Syndicate in a box (SIAB) which will commence underwriting in late 2021.
Technology is allowing us to reimagine products, services and even lifestyles that we once took for granted. Think about what happened when financial transactions like banking, share trading, airline ticketing, vehicle registration and road tolls migrated to the internet 15 years ago. They didn’t necessarily become cheaper on the internet, but they became more convenient for the customer and the vendor.
Most consumers think of insurance as large multinational corporations, with their brand names on skyscrapers. This corporatised, publicly-listed model of insurance is where most of us go to buy cover for a house or car, because that’s the most obvious option and in many cases the only option.
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