Lloyd’s announced details of its new Corporation Operating Model (COM) that it said will enable it to deliver its Vision 2025* more effectively and efficiently.
Effective Jan. 1, 2017, COM will enable Lloyd’s to keep “a sharper focus on its core activities of protecting, promoting and providing services to the Lloyd’s market,” said a statement issued by the market.
The COM includes the following key changes:
- Establishment of a new Syndicate Capability Oversight team, in Jon Hancock’s Performance Management division, led by Peter Montanaro, bringing together the market supervision teams working directly with managing agents
- Integration of existing teams with responsibility for customer and conduct, including Delegated Authorities, Claims, Conduct and Complaints into a new Policyholder and Third Party Oversight function, within Performance Management, led by Paul Brady
- Alignment of regulatory and compliance activities within the Risk and Regulatory division, led by Chief Risk Officer Hilary Weaver, to provide the needed regulatory oversight from one function
- Formation of a new Innovation team in Vincent Vandendael’s Commercial division (previously Global Markets), under Trevor Maynard, to focus on developing and facilitating innovation in the market and the corporation
- Consolidation of data-led activity into the DataLab – a center of excellence led by Helen Crooks, as part of Shirine Khoury-Haq’s Operations division.
“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,” said Chief Executive Inga Beale. “This new structure and various initiatives, in the next years, will allow us to become more effective and efficient, ensuring the market has clear routes into the corporation, avoiding duplication, whilst freeing up teams to look at the issues and opportunities ensuring Lloyd’s remains at the heart of global insurance and reinsurance.”
* Vision 2025 sets out Lloyd’s strategy to be “the global center for specialist insurance and reinsurance.”
Source: Lloyd’s
Related:
Topics Legislation Excess Surplus Lloyd's
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