Lloyd’s announced the appointment of Iain Saville as the three hundred year old insurance market’s first Head of Business Process Reform, charged with modernizing and improving business processes across the Lloyd’s market.
“His role will be to push forward and integrate the initiatives that Lloyd’s has launched over the past three years to improve the business process,” said the bulletin. “During an outstanding career in the City, Iain has worked for the Bank of England and was CEO of CREST, the stand alone share settlement system. He will report to Lloyd’s Chief Executive, Nick Prettejohn.”
Both Prettejohn and Lloyd’s Chairman Lord Peter Levene have stressed the absolute necessity of modernizing the way the Lloyd’s market does business. “Outsiders cannot understand why in an age of email and the internet, our marketplace is submerged in paper,” Prettejohn told risk managers at the recent FERMA Conference in Rome. “They cannot understand why it is necessary for data to be re-keyed multiple times into multiple IT systems. And they cannot believe the lack of contractual clarity at the point of transaction. How can exposures, sometimes for many millions of pounds, euros or dollars, be assumed without clear contracts?”
Saville has been handed the job of trying to solve those problems. As Chairman of Kinnect, Lloyd’s initiative to increase efficiency in risk placement through electronic processing, he’ll be in the forefront of implementing the necessary changes.
Prettejohn welcomed Saville, stating: “This appointment is a significant milestone in our drive to make business processing in the Lloyd’s and London Market more efficient. It is clear evidence of our determination to deliver the significant economic benefits of efficient and modern business processes and improve customer service standards. We have made a good start but there is still more to be done. There are a number of important initiatives underway, such as London Market Principles (LMP) and Kinnect, which need to be driven as a coherent programme. Iain has gained an international reputation, most notably during his time at CREST for working with financial services customers to develop and deliver low cost business process solutions. He has unrivalled knowledge, skills and drive in this area. I am delighted that Iain is joining Lloyd’s at this time and I look forward to working with him to deliver the challenging agenda that lies ahead. ”
Saville responded that he was “delighted to be joining Lloyd’s at a time when there is a clear commitment to business process reform and a number of good things going on which need to be pulled together. I believe that the market is now ready for significant reform and I am looking forward to working with my colleagues within Lloyd’s and the market as a whole to improve performance in business processing.”
He noted that “The Kinnect team, under Ashok Gupta have made very good progress in developing the technology and getting the first wave of customers in place, ready to go live. A priority for me as Chairman of Kinnect will be to drive that work through to deliver real value to the whole Lloyd’s market place.”
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