Lloyd’s of London Shakes Up IT, Operations Teams

Lloyd’s of London, a major commercial insurance market, is restructuring its data, operations, and change departments. A spokesperson said on Thursday that this will entail outsourcing some of the work within these units.

It’s still too early to determine the effect on jobs within the organization, the spokesperson added. In an emailed statement, the person explained, “As part of our attempts to establish the corporation in a sustainable manner for the future, we have developed a new proposed organizational model that includes outsourcing part of our technology and operations estate.” The spokesperson also noted that this will not affect the service provided to the market. Lloyd’s will maintain responsibility for operational resilience and the oversight and governance of the outsourced services.

Lloyd’s oversees a market of nearly 50,000 underwriters and brokers in London. It’s currently upgrading its technology as it shifts away from a traditional face – to – face market where brokers and underwriters met on the trading floor of its London tower to make deals. Critics have pointed out that progress has been slow. Consulting firm Accenture will take over Lloyd’s’ IT services starting April 1, 2025.

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