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Lloyd's of London shakes up IT, operations teams
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Lloyd's of London shakes up IT, operations teams
Nov 15, 2024 12:45 PM

LONDON, Nov 14 (Reuters) - Commercial insurance market

Lloyd's of London is restructuring its data,

operations and change departments, which will involve

outsourcing some of those units' work, a Lloyd's spokesperson

said on Thursday.

It was too soon to say what the impact would be on jobs at

the organisation, the person added.

"As part of our efforts to set the corporation up

sustainably for the future, we have designed a new proposed

organisational model, which involves outsourcing some of our

technology and operations estate," the person said in an emailed

statement.

"This has no impact on the service we provide to the market

and Lloyd's will retain responsibility for operational

resilience, as well as the oversight and governance of the

outsourced services."

Lloyd's oversees a market of nearly 50,000 underwriters and

brokers in London. It is in the process of upgrading its

technology, moving away from being a totally face-to-face

market, where brokers and underwriters meet on the trading floor

of its tower in the City of London financial district to agree

deals. Critics complain that progress has been slow.

Consulting firm Accenture ( ACN ) will take over Lloyd's' IT

services from April 1, 2025.

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