Specialist insurance corporation Lloyd’s of London is making several restructuring moves to sharpen its operational focus on protecting, promoting and providing services to the market.
Lloyd’s CEO Inga Beale said the new structure and various initiatives will allow the specialist insurance market to become “more effective and efficient.”
Beale said the restructuring would prevent duplications and free up teams, enabling them to look at market issues and opportunities.
“These changes are about making it easier for us to play the role the market expects. Namely protect, promote and provide the services they need,” she added.
The key changes that will take effect on January 1 include the creation of a new syndicate capability oversight unit within the performance management division. The move will bring together the market supervision teams working directly with managing agents.
Existing teams with responsibility for customer and conduct, including delegated authorities, claims, conduct and complaints, will be integrated into a new policyholder and third party oversight function within performance management.
Regulatory and compliance activities will also be aligned within the risk and regulatory division to provide the needed regulatory oversight from one function.
In the commercial division, a new innovation team will be established to focus on developing and facilitating innovation in the market and the corporation.
Lloyd’s will also consolidate data-led activity into its Data Lab as part of the operations division.
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