Lloyd’s is considering outsourcing parts of its IT services and operations functions as part of efforts to ensure the organisation’s long-term sustainability. The corporation has initiated a consultation process regarding these changes, a spokesperson confirmed to BestWire.
The report highlighted that the outsourcing plans will not impact Lloyd’s services to the market, as the organisation will retain oversight, governance, and responsibility for operational resilience. Accenture has been appointed to support this transformation and will oversee the outsourced IT services starting April 1, 2024.
Lloyd’s did not disclose details on the timeline for completing the transition or how it might affect staffing levels. Attempts to obtain additional comments from Accenture were unsuccessful, the report said.
Alongside these operational changes, Lloyd’s is also updating its framework for addressing financial and nonfinancial misconduct, aiming for better alignment with its partners’ human resource and disciplinary practices.
The announcement comes as Lloyd’s reports strong financial performance for the first half of 2024, with pretax profits rising 25.6% to £4.9 billion ($6.22 billion) and an improved combined ratio of 83.7. The results were attributed to disciplined underwriting and below-average major losses.
Earlier this month, Lloyd’s appointed Nathan Adams as its chief people officer, effective early next year as Sara Gomez retires by the end of the year. In October, the Lloyd’s Market Association appointed John Levett as head of regulatory affairs to bolster its regulatory activities.
Other notable changes next year include the commencement of key roles for Jane Warren and Sir Charles Roxburgh KCB. Warren will begin her three-year term as a corporate external member of the Council of Lloyd’s on February 1, 2025, bringing over 30 years of experience in underwriting, broking, and operations. Roxburgh is set to assume the position of chair of the Council of Lloyd’s on May 1, 2025.
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