Lloyd’s of London hires new chief digital officer
Lloyd’s of London has a appointed a new chief digital officer, as Louise Smith joins the famous insurance market.
Smith joins Lloyd’s from Royal Bank of Scotland (RBS), where she spent eight years culminating in a role as head of intelligent automation, and head of digitisation, personal and business banking.
Smith also spent time three years with Her Majesty’s Treasury (HMT) as a fintech envoy, building regional and national fintech networks across Scotland and the UK. She is a board member of FinTech Scotland and an advisor to Fujitsu as a director of innovation in financial services.
Lloyd’s of London has launched several initiatives to digitise and innovate within the walls of a centuries-old institution. In June 2019 it announced the launch of a product innovation facility worth £53 million.
Its “Future of Lloyd’s” project was created in 2019, aiming to refocus the 331-year old company around technology and data analytics.
The reforms include the introduction of a digital platform for complex risks, while standard contracts such as small marine cargo agreements will be placed through a separate online platform.
The market plans a “syndicate-in-a-box” approach is also part of the plan. Prototypes are expected to go live early next year.