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Lloyd’s appoints COO, sets digital placement target

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Lloyd’s wants 70% of insurance risks to be placed through its electronic platform by the end of the year.

Each syndicate will have to place at least 60% of its risks this way by the end of the third quarter. About 45% were placed electronically by end of the March.

The platform was established in the middle of last year to accelerate Lloyd’s digital transformation.

Newly appointed COO Jennifer Rigby says electronic placement will achieve the market’s two central objectives: simplifying access and lowering the cost of doing business.

Lloyd’s has confirmed Ms Rigby as COO after four months working in an interim capacity.

The former CIO will be responsible for business transformation, global operations, data, IT, innovation and corporate real estate.

“The operations function is vital to delivering for Lloyd’s today and in shaping and executing the strategy for tomorrow,” she said.

Lloyd’s has also introduced software to improve the quality of insurance contract reviews. The tool will scan contracts for errors and discrepancies, and will check against 1400 open market rules, reducing administration and claims costs. New contracts will have fewer errors, resulting in fewer disputes, faster claims resolution and lower policy costs.

Underwriters can also set their own rules, so risks outside of appetite can be identified quickly.

The tool was developed with the Lloyd’s Market Association and managing agents Brit, Liberty Specialty Markets and Sirius International.