Market modernization, underwriting systems upgrades and Brexit preparations are the top three 2018 priorities of Lloyd’s market chief operating officers (COOs), a survey commissioned by the Lloyd’s Market Association revealed.
The survey’s research findings include:
- Within market modernization initiatives, delegated authority transformation has the highest priority and 93 percent believe straight-through processing is a viable option for delegated authority relationships.
- All respondents are planning systems upgrades in 2018. Almost 77 percent plan to upgrade coverholder reporting systems and processes.
- Brexit is seen as an internal and market-level priority issue for 2018 by a majority of COOs. Managing agencies slightly favor use of the Lloyd’s Brussels subsidiary (57 percent) over the creation of their own EU subsidiary (43 percent).
“It is widely understood that the Lloyd’s market faces an increasingly challenging environment, with COOs having a key role to play in this changing landscape,” said Tom Payne, market operations director at the LMA.
The LMA Operations Committee (LMAOC) “felt that the voice of the COO needed to be more clearly articulated in the context of market modernization, operational improvement and expense management,” said Sheila Cameron, head of international operations at Navigators and chair of the LMAOC. “This survey, the first of its kind to be commissioned, will help to achieve this. For the first time, the views of Lloyd’s market COOs have been brought together, assessed and collated with the intention of articulating the business and operational challenges faced by managing agents.”
Between Jan. 23 and March 9, 2018, the survey was conducted with chief operating officers at 39 of 55 Lloyd’s managing agents, or 71 percent. The survey was conducted on behalf of the LMA by Haggie Partners LLP.
About the Lloyd’s Market Association
The LMA represents the interests of the Lloyd’s community, providing professional and technical support to its members. All managing and members’ agents at Lloyd’s are full members, which together manage a gross premium income of around £32 billion ($42.4 billion) per annum.
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