The Board of the London Market Group (LMG) announced that the London Market Target Operating Model (LM TOM) has been wound down in its current form, having delivered the majority of proposed solutions, which are now in “run” mode and being managed in the market.
Lloyd’s today announced its first blueprint to facilitate the Future at Lloyd’s program, which is supplanting the LM TOM program, although the Placing Platform Ltd. (PPL) will remain in place and be enhanced.
“The LM TOM has worked closely with the market to successfully deliver PPL as the world’s first electronic placing platform for insurance, simplified delegated authority processing, and has delivered other market solutions and infrastructure including structured data capture, most of which are in “run” mode now and should reduce the complexity and cost of doing business,” said Clare Lebecq, CEO of the LMG.
“Further development of these solutions will take place as part of the Future at Lloyd’s – although usage will still be available across the entire London Market. The extensive work already completed on PPL and DA SATS, the delegated authority platform, will be taken forward as part of the developments that Lloyd’s will release in its blueprint [for the Future at Lloyd’s], she continued.
“The LM TOM built the foundations for modernizing the London Market through electronic placement and digitisation of placement documentation, along with making life easier for Delegated Authority business through coordinated audits, simplified bordereau reporting, providing simple access to reference data and planning for an enhanced approvals and compliance process for coverholders,” said LMG.
The next phase of the London market’s and Lloyd’s modernization program is being run by the Future at Lloyd’s project.
“I’d like to thank the TOM team and the many market practitioners for their strong support through the process, and especially Adrian Thornycroft, its programme director, for his energy, tenacity and commitment in delivering a substantial campaign of change over the last four years. We wish him all the best for the future,” said Lebecq.
Source: London Market Group (LMG)
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