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Key appointments made for governance and delivery of the Future at Lloyd’s; £300m funding secured

Tue 10 Dec 2019

As part of the transition and execution planning underway following the launch of the Future at Lloyd’s Blueprint One, Lloyd’s today announced key appointments for the governance and delivery of the programme together with confirmation of the raising of £300m of senior debt to fund the transformation.

In preparation for a series of phased deliveries beginning in 2020, Lloyd’s has focused on establishing a robust governance, oversight and funding framework which will ensure on-time, on-budget execution of the solutions announced in Blueprint One.

Governance includes a newly formed Technology and Transformation Committee*, overseen by Lloyd’s Board and Council.  Andy Haste, Lloyd’s Deputy Chairman, will chair the committee whose members bring a wealth of experience and expertise in large-scale digital transformation.  Programme delivery will be led by Jennifer Rigby, Lloyd’s Chief Operations Officer and Executive Committee member, who has an exceptional track record in technology transformation.

To ensure funding is available to meet the near and medium-term cash requirements of the Future at Lloyd’s, the Corporation has taken advantage of the low interest rate environment and secured £300m of senior debt, thereby avoiding any increase in market levies. The secure financial position of the Corporation will support the year-on-year costs of the Future at Lloyd’s as the benefits stream begins to be delivered. 

Key roles continue to be filled at pace, with more than 80 Corporation and Market employees now engaged across the various workstreams. Strategic partners are being onboarded during Q1 2020 to support the phased delivery and implementation.

The delivery of the Future at Lloyd’s is being run on an ‘agile’ basis with the funding for each quarter being dependent on the execution of the planned deliverables.  In February 2020, Lloyd’s will publish Blueprint 1a, which will set out the detailed plans and deliverables for Phase 1 implementation.

John Neal, Lloyd’s Chief Executive Officer, said:
“Since the launch of Blueprint One, we have focused on designing a carefully structured and managed approach to planning and execution to allow regular delivery of value to the market. 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.”  

Jennifer Rigby, Lloyd’s Chief Operations Officer and Executive Sponsor of the Future at Lloyd’s added:
“I’m delighted to lead the delivery of the Future at Lloyd’s. Our dedicated team are working at pace to develop and deliver the solutions we’ve promised to fundamentally transform our market. It’s an exciting time to be at Lloyd’s!”

* The Technology and Transformation Committee complements the existing Global, London and COO advisory committees set up prior to the publication of Blueprint One.

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About Lloyd’s

Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world.

The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally.

It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale.

And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need.

Lloyd’s began with a few courageous entrepreneurs in a coffeeshop. Three centuries later, the Lloyd’s market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere.

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