Commercial insurance market Lloyd’s of London is restructuring its data, operations and change departments, which will involve outsourcing some of those units’ work, a Lloyd’s spokesperson said on Thursday.
It was too soon to say what the impact would be on jobs at the organization, the person added.
“As part of our efforts to set the corporation up sustainably for the future, we have designed a new proposed organizational model, which involves outsourcing some of our technology and operations estate,” the person said in an emailed statement.
“This has no impact on the service we provide to the market and Lloyd’s will retain responsibility for operational resilience, as well as the oversight and governance of the outsourced services.”
Lloyd’s oversees a market of nearly 50,000 underwriters and brokers in London. It is in the process of upgrading its technology, moving away from being a totally face-to-face market, where brokers and underwriters meet on the trading floor of its tower in the City of London financial district to agree deals. Critics complain that progress has been slow.
Consulting firm Accenture will take over Lloyd’s’ IT services from April 1, 2025.
(Reporting by Carolyn Cohn; editing by Mark Potter)
Topics Excess Surplus Lloyd's London
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