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Insider In Full: Hancock: Lloyd’s now has foundations for ‘world-class’ underwriting

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Topics: Market Moves Strategy

Lloyd’s performance management director Jon Hancock has said he felt the time was right for him to move on from the Corporation...

Catrin Shi

 

...after helping launch a “once in a generation” strategic agenda and setting the wheels in motion for a return to “world-class” underwriting.

 

In an interview with The Insurance Insider following the shock news that he is to leave Lloyd’s, Hancock said he was proud of what the Corporation and the market had achieved together since he took on the role in late 2016, but personally it now felt right to move on.

 

“We have collectively brought great performance management front and centre on everybody’s agenda and really built the foundations for Lloyd’s to return to that world-class underwriting performance that everybody expects,” he stated.

 

In addition, leading the delivery of Blueprint One as part of the Future at Lloyd’s was a “personal and career highlight”.

 

Hancock continued: “It has left me super energised and hungry to do more and I have been thinking about what is next for me.

 

“One of my realisations is that I have really missed the cut and thrust of hard P&L business accountability. I do think you can stay too long in this job and away from the commercial world for too long, especially when I think I have a lot to offer in that world – so the time feels right for me to move on.” 

 

In the same embargoed interview, held after this publication approached Lloyd’s about the news, CEO John Neal praised Hancock’s dedication and called his leadership and performance on Blueprint One “absolutely critical”.

 

He added: “When he does move on, he will have left Lloyd’s in much better shape than the day he walked in. It has been a real pleasure to get to know Jon and particularly to work with him the past 18 months.” 

 

A broader PMD remit 

 

A concrete timeline has not been set in stone for Hancock’s departure, and both he and Neal are willing to be flexible on this front. Search firm MWM Consulting has been enlisted to find a replacement, and Neal noted that the Corporation would be looking globally for the next performance management director.

 

The position’s remit will expand with the new hire, in a move which was planned before Hancock announced his intention to step down, Neal explained.

 

“Under Jon’s role we will broadly align our front-office responsibilities, which include performance, distribution, and oversight of our global network,” Neal said. “It was always our intention post Blueprint One to build those responsibilities into that role so that’s what we will be looking for.” 

 

Neal was unequivocal in stating that the performance management standards Hancock had set during his tenure – which included a focus on bottom-line performance and the implementation of Decile 10 – would continue under his successor.

 

“We will 100 percent continue in the same vein on performance management,” he noted. “It’s the rhythm of how we do things around here.” 

 

When questioned on a possible clash of professional opinion around growth and speed of delivery on strategic objectives, as has been speculated by the market, both executives stressed how harmonious the relationship has been. 

 

“We do go about things differently but we almost always come to the same answer,” said Neal. “That has been one of the benefits [of their time working together] – the market has had two different perspectives.” 

 

Neal continued: “We are in fact both optimistic by nature [on growth]. What you may have seen play out is that Jon had to – quite rightly - keep his foot on people’s throats because the performance agenda is a multi-year piece of work.

 

“At the same time, I came in and I did feel that Lloyd’s had lost its mojo. I felt we had a responsibility to instill confidence in everything we did, so that may be a flavour of what you see.” 

 

Hancock added that he and Neal had tackled the question of how performance fitted together with strategy early on in working together. 

 

“The performance agenda has not changed since John came in as CEO,” Hancock said. “It has perhaps been tweaked in nuance, but it is absolutely aligned with both the strategy agenda and the culture agenda.” 

 

Hancock pointed out that his lead on Blueprint One also demonstrated the alignment between strategy and performance. 

 

Reflecting on his tenure, the performance management director concluded: “When I came to Lloyd’s I had a good idea of the role but could not have predicted the direction things would take over the past three years. Who would have thought Decile 10 would have entered the insurance lexicon? 

 

“We also have launched a once in a generation strategic agenda at Lloyd’s. I have loved my time here and I am really proud of what the team and the market has achieved.”

 

The Insurance Insider delivers global wholesale, specialty, and (re)insurance intelligence that enables you to act first. Redeem you complimentary 14-day trial for more premium content from The Insurance Insider.

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