Market Modernisation

The LMA actively supports and is involved in London’s market modernisation agenda and is represented on the London Market Group (LMG) by the Chairman of the LMA and the LMA Chief Executive. The LMA also has representatives on other key bodies such as the Associations’ Administration Committee (AAC) which manages the Insurers’ Market Repository and the Board of The Message Exchange Limited (TMEL).

LMA Guide to London Market Processing

For further information about market processes and modernisation activities, and a glossary of modernisation and process terms and acronyms, download the LMA Guide to London Market Processes. The Guide provides a high level summary of key areas of market process and modernisation activity along with sources of further information.

LMG-led work

The London Market Group Secretariat (LMGS) works to support LMG at market level and information about LMG managed modernisation is available from the LMG website. The LMA currently lead or have an involvement in a number of major streams of market modernisation.  In particular:

  • 'London Matters' - during 2014 the LMG commissioned Boston Consulting Group to produce a report looking at the competitive position of the London insurance market.
  • London Market Target Operating Model (TOM) - LMG's response to the findings of London Matters for the provision of an operational vision of a modernised market.
  • Placing support – the development and implementation of electronic processes and associated protocols to provide support to the placement of business including endorsements and binder declarations.    
  • Central Services Refresh Programme (CSRP) - the programme to meet brokers’ requirement to operate with any insurer-service provider combination (including a bureau) in a manner consistent with other global organisations. Post bind Submission (PbS) is a project within the CSR Programme.
  • ECF Binders – a workstream to enhance the market electronic claims handling processes to ultimately provide a quicker claims service to policyholders.       
  • ECF Write Back – although now "business as usual", a link to this project has been retained for reference.    
  • Ruschlikon UK - (formerly non-bureau accounting) co-ordinated by ACORD, the LMG-sponsored workstream to support non-bureau accounting workstream.
  • eAccounts - although now "business as usual", a link to this project has been retained for reference.
  • ition to London Market level work, Lloyd's provides the lead on work that is specifc to the Lloyd's Market:

Data Capture Service (DCS)

Further information about DCS is available on this page.

 

 

Contact us


Tom Payne
Market Operations Director