Doubts have been raised over the future of Kinnect following the sudden departure this morning of chief executive Toby Davies.
Iain Saville has also stood down from his position as chairman but will stay on in a part-time advisory role, according to a spokeswoman at Lloyd's.
The resignations come amid serious questions within the market over the success of Kinnect so far and the decision to re-code the platform at substantial extra cost.
A source close to the market said: “The decision to outsource a re-build when such vast sums have already been spent developing the technology reflects extremely badly on the existing management team.
“Combined with the fact that there is widespread belief that the existing platform doesn't work, and the problems with facilitating contract certainty and it is of little surprise that they have gone.”
Michael Dawson will take over as interim chairman and Nick Prettejohn will join Kinnect as a non-executive member of the board.
Steven Haasz, head of change management at Lloyd's, will provide ‘additional executive support.'
A Lloyd's spokeswoman said: “Iain has had a significant impact in helping to deliver the substantial changes we have seen within the market and we are very grateful to him for that.
“We thank Toby for all his hard work but as Kinnect enters a new phase it was time to move on. He will stay on to ensure a smooth transition.”
She added: “Kinnect continues to move forward at a good pace.”
