In reading John Neal's recent vision for Lloyd's, it is hard not to interpret that this vision clearly wishes to remove the Lloyd's broker, in a wholesale capacity, from the value chain. I am also intrigued to see that the value chain image is incorrectly showing an MGA having direct access to a syndicate. What are the views of the Lloyd's brokers?
Pressed on whether Lloyd’s was advocating compressing the value chain to take out acquisition costs associated with wholesale brokers and MGAs, Neal said: “I think you have to simplify the value chain.”
