Lloyd's of London Restructures Operations

LONDON (Reuters) – Lloyd's of London is restructuring its data, operations, and change departments, leading to the outsourcing of some tasks, according to a spokesperson.

While it's premature to assess job impacts, the spokesperson emphasized that the new organizational model aims to enhance sustainability for the future. Outsourcing will focus on certain technology and operations functions, but it will not affect service delivery, as Lloyd's will maintain oversight and governance of outsourced services.

Lloyd's, which oversees nearly 50,000 underwriters and brokers in London, is upgrading its technology to reduce reliance on face-to-face transactions. Despite criticisms of slow progress, consulting firm Accenture is set to assume control of Lloyd's IT services beginning April 1, 2025.