Jennifer Rigby, CIO of Lloyd's of London. Photo via CIO UK.
Lloyd's of London CIO Jennifer Rigby has revealed how the organisation has put technology and IT at the heart of its strategy in order to facilitate innovation at the 300-year-old insurance company.
Speaking at the 2017 CIO Summit, Rigby explained how the centuries-old institution had a history of innovation and would continue to embrace emerging technologies.
"Lloyd's is actually the world's specialist insurance market. We've been pioneering insurance for 328 years," she said at the May Fair Hotel in London. Rigby quipped that as the organisation was founded in 1686, they had a very real understanding of the term legacy.
Lloyd's has also added cyber insurance as one of the emerging markets it is now involved in.
"We're now the global centre for cyber insurance and we've also got a reputation of trust and providing protection to individuals and business helping communities get back on their feet, as quickly as they possibly can," Rigby said.
The CIO said that Lloyd's of London has paved a clear vision for 2025, which sees IT at the heart of its business strategy.
"We are always focused on the future, we have our vision for 2025 firmly in place and with that we're looking forward to making a number of new milestones in the future. We know that IT has a massive part to play in terms of how we do business, how we work with our customers, as well as providing the infrastructure and allowing that access to the global market," Rigby said.
"Specifically in our vision for 2025, we talk about our capability and our reputation for innovation. We know again as IT that technology will play a massive part, in realising some of these areas of the vision."
Rigby, who joined as the CIO of Lloyd's of London in May 2017, discussed the importance of IT in the organisation. She explained how technology is transforming its financial services, and also how IT transformation provided the platform for innovation at Lloyd's of London.
"Our strategy at the moment is very focused on transforming ourselves in IT and putting us in the best place to support the corporation, to support the market, to support our customers," Rigby said.
"Then I see that strategy rapidly starting to evolve, once we put some of those steps in place in IT, to become a much more business-focused IT strategy because that's where we need to get to really understand what our part to play is in the organisation.
"In terms of why we want to transform IT, a lot of that is around fixing some of the problems that we have, looking at the legacy issues, security is massively important. We are a regulator and providing assurance that we are looking after our customers, our business and the market data, intellectual properties are massively important to us and cost reduction as with everyone."
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