Issue: Bringing Lloyds of London Into the 21st Century

Until recently, Lloyd's of London was still processing claims the way it had for 320 yearson paper, paper, and more paper

Richard Ward will never forget his first day as CEO of Lloyd's of London, the venerable specialty insurance market that brings together underwriters and brokers to insure everything from investment banks to the World Trade Center to the teeth used by actress America Ferrera in the TV show Ugly Betty. After getting in the elevator, or lift, as the 51-year-old Brit calls it, a woman entered toting a rolling suitcase. "Have you had a nice trip?" he asked. "No," she replied. "This is a claims file."

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