Lloyd’s of London’s ambitious digital transformation programme is set to the cost the insurance market up to £300m, it revealed this week.
The market, the oldest of its kind, has already committed more than 80 employees to the project, which is aimed at modernising operations and will be delivered on an agile basis.
“We have focused on designing a carefully structured and managed approach to planning and execution to allow regular delivery of value to the market,” said Lloyd’s chief executive John Neal.
“With robust governance and oversight now in place, and the funds for delivery secured, we have every confidence in the successful delivery of the Future at Lloyd’s,” Neal added.
The market also announced that Jennifer Rigby, its chief operating officer, would be leading the delivery of the project, while the transformation committee will be chaired by the market’s deputy chairman Andy Haste.
Lloyd’s is planning to bring in strategic partners in the first quarter of next year. As part of the project, it will create a suite of new platforms, including a digital claims solution, a risk exchange and a complex risk platform. It said the latter would “evolve over time from a ‘document-plus-data’ to a ‘data-first’ solution”.
Speaking at a security conference in London earlier this year, former Lloyd’s chief executive Inga Beale, who became the first woman to run the market in 2013, said that when she took over, staff were still using paper slips to record deals.
Lloyd’s is just the latest financial services giant to embark on an expensive digital transformation programme. In October, the German investment giant Deutsche Bank earmarked £12bn to an all-encompassing digital overhaul.