The LMA communicates with a wide range of organisations and individuals across the market on information technology subjects covering both day to day operational issues and market modernisation projects. Within the Lloyd's managing agent community there exists many diverse ranges of IT configurations to support business needs. These are often implemented and run by a broad range of service providers, all adding up to a complex picture across the whole market.
Examples of the types of systems benefiting managing agents include: complete underwriting packages, finance (general ledger) systems, workflow and document handling, and catastrophe modeling. However, the selection and implementation of software and services is an individual managing agent's choice and the LMA is not involved in this activity.
There also exists central infrastructure and service provision that is common to all parties in the market, for example: DXC - Xchanging - Insurance Services, ISO - Market Wordings Database, Lloyd's ITG for The Lloyd's Room, LIMOSS - SDC.
The LMA administers two regular committees that meet on a bi-monthly basis:
- Systems Group - attended by selected Heads of IT from managing agents : presentations on topics of interest, and a general open forum for any technology activity.
- Carrier Market Technology Group - attended by IT technicians from software houses, managing agents, and IUA companies. There is regular review of operational performance issues, presentations/discussions around topics of interest and an open forum for information sharing/common concerns.