Marine insurers working the floor of the Lloyd’s of London market say they have “nothing to fear” from a raft of radical cost cutting and efficiency measures being heralded by chief executive John Neal as the institution enters the digital age.

After implementing a hard-hitting profit drive, Neal has now identified high costs and the traditional way of doing business as two factors that are holding Lloyd’s back.

Neil is promising a new platform that will allow the “efficient digital placement of the most difficult-to-cover risks” and a so-called “syndicate in a box system”, which will allow insurers to bring products to the market.