Lloyd's of London launches Risk Management Map

A business led project that was generated inside the IT department

Lloyds to create risk management map

Insurance market Lloyd's of London will launch a Risk Map for its customers over the next few weeks, said Lloyd's of London CIO Peter Hambling at the Forrester IT Forum in Lisbon, Portugal today.

Hambling explained that this was an example of a business led solution created by the IT department showing that the traditional gap between IT and business was closing.

The interactive risk map will service a specific risk management sector of the industry and is currently being beta tested.

The map shows risk related to global events and can search in three ways: geographical area; risk category; or a news feed presented in chronological order and contributed to by Dow Jones and an aggregate of 100 other sources news sources.

Lloyd's of London does not edit the sites material but links it to geographical and risk factor information already held by the company.

From conception to presentation to the CEO, the risk map took just six months to create and was a “low cost endeavour” according to Hambling, with 30 per cent of the technology used to create the map already having been created within the IT department for other projects.

The business lead and the solution came from inside the IT department and business management of the service will also come from IT specialists going forward.

Hambling said: “This is one of several interesting initiatives from within the company that show how close IT has become to the business within Lloyds.”

He added: “This was a particularly exciting project for me because we had to complete it in such a short time frame using a very loose requirement set. It was cool."