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Lloyd’s creates technology and transformation group

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Lloyd’s has created a new Technology and Transformation Committee to oversee its Blueprint One plan to improve performance, and has also raised £300 million ($581 million) in debt to fund the program.

Deputy Chairman Andy Haste will lead the new committee, while COO Jennifer Rigby will be responsible for program delivery.

Lloyd’s says it has taken advantage of the low interest rate environment to secure the senior debt and avoid increasing market levies.

The Blueprint One plan was released as part of the Future at Lloyd’s project to modernise the market, streamline processes and introduce efficiencies.

More than 80 corporation and market employees are now engaged across various workstreams. Strategic partners will come on board in the first quarter of 2020 to support phased implementation.

“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 strategy,” CEO John Neal said.

The market will publish Blueprint 1a in February, setting out detailed plans and milestones for the first phase of the implementation.