The CEO of Lloyd’s Market Association (LMA) has said 2020 will be a transformational year for the market.
Sheila Cameron (pic) was speaking as the LMA revealed its objectives for 2020, which its said are designed to enhance the success of LMA members and the wider market “during a period of significant change”.
“2020 will be a year of enormous change for Lloyd’s,” said Ms Cameron. “These new objectives recognise that change, to ensure our members, the managing and members’ agents, can continue to offer outstanding underwriting products and services to our customers. We will work tirelessly to ensure our members are engaged throughout the processes of executing Lloyd’s root-and-branch overhaul of its business practices. We will actively support efforts to reinforce underwriting discipline across the market, and drive the development of a modern, data-driven, digitised business operating model for Lloyd’s.
“Ensuring Lloyd’s Brexit plans are comprehensive, workable, and proportionate is a high priority. We will be monitoring the progress of the project for the Part VII transfer of EEA legacy business, from syndicates to Lloyd’s Brussels, and liaising with the market to support its efficient delivery.”
The LMA announced engaging with Lloyd’s on the successful delivery of the Future at Lloyd’s is the association’s primary 2020 objective, adding it underpins the LMA priorities of underwriting discipline and digitisation.
“This work will include: the roll-out of underwriting standards for modernised syndication; establishing pilot exercises to transform the claims service model and initiate ECF replacement; supporting the PPL replatform and; working with Lloyd’s to drive a common set of data standards,” it explained. “The LMA will aid the development of technical skills required, resulting from the Lloyd’s blueprint.”
It said it would continue its work to address the challenges of Brexit. This will include taking steps to minimise the risk to members which may arise from Lloyd’s planned Part VII transfer of business to Lloyd’s Brussels. It also intends to work with Lloyd’s Brussels to support the market’s efficient placement of European business.
Other priorities for the LMA include exploring the implications for the market of the Bank of England stress test requirements in respect of climate risk.