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Lloyd’s of London on Tuesday said it has appointed its former chief information officer, Jennifer Rigby, as chief operations officer of the market as it issued a new mandate for syndicates to write 70% of their risks electronically by the end of the year.
Ms. Rigby has been performing the role on an interim basis since March following the departure of the previous chief operations officer, Shirine Khoury-Haq, Lloyd’s said in a statement.
In November 2018, Lloyd’s said that Ms. Khoury-Haq would be stepping down after almost five years at the market.
As Lloyd’s chief operations officer, Ms. Rigby, whose appointment is subject to regulatory approval, will be responsible for business transformation, global operations, data, information technology, innovation and corporate real estate, Lloyd’s said in the statement.
In her previous role as chief information officer, Ms. Rigby was responsible for technology transformation, cyber security and innovation since joining Lloyd’s in May 2017.
Under her leadership, IT costs were “significantly reduced” and she also delivered several key technology changes, including the platform that underpins Lloyd’s Brussels, the market’s recently launched European subsidiary, Lloyd’s said in the statement.
Separately, Lloyd’s said it has increased its targets for electronic placement for the remainder of 2019 as it looks to accelerate digital placements across the market.
Under the new mandate, each syndicate will be required to have written 60% of its risks via a recognized electronic placement system for the third quarter, with the target rising to 70% in the fourth quarter, Lloyd’s said in a statement.
Some 45% of “in scope” contracts were placed electronically in the market by the end of the first quarter, above the 40% target set by Lloyd’s, according to the statement.
Some 80% of syndicates met or exceeded the target and qualified for a rebate on their annual subscriptions, Lloyd’s said in the statement.
“Electronic placement allows Lloyd’s to simplify access and lower the costs of doing business, two objectives that are central to our strategy to build the future at Lloyd’s,” Ms. Rigby said in the statement.
The mandate was issued in the first quarter of 2018 following discussions with members of Lloyd’s and the London market.
(Reuters) — Lloyd’s of London plans to make it compulsory for the 80 syndicates that operate under its roof to process their transactions electronically, the insurance market said Monday.