Bruce Carnegie-Brown has taken the job of chairman at motor InsurTech Cuvva, on top of his role as chairman of Lloyd’s and vice chairman of Spain’s Banco Santander.
The Lloyd’s chairman told the Financial Times that he has time to work for the five-year-old start-up on top of his commitments to the Corporation.
“I wouldn’t have taken it on if I didn’t have enough time,” he told the newspaper, adding: “It will be useful for me to understand ways of working in the digital market.”
Cuvva offers motor insurance to customers who only need insurance for a limited amount of time, providing cover that can be purchased by the hour.
Carnegie-Brown added that there was a link between Cuvva’s approach and the innovation drive at Lloyd’s, which recently detailed its modernisation ambitions in the Future at Lloyd’s Blueprint One.
“There is an attractiveness to customers of buying insurance when they need it and in the way they need it. That’s the direction of travel,” he told the Financial Times. “It is one of the reasons we’re embarking on the modernisation of Lloyd’s.”
Carnegie-Brown has always had outside commitments since joining Lloyd’s in June 2017.
Earlier this year, he stood down as chairman of price comparison business Moneysupermarket.com, which he had served on the board of since 2010.
In April he was re-elected as chairman of Banco Santander, despite opposition from two key proxy advisory firms.
Institutional Shareholder Services and Glass Lewis had baulked at his involvement in an abortive attempt to hire former UBS banker Andrea Orcel as Santander CEO.
