22 February 2018
Gittings puts claims modernisation among LMA’s top priorities for 2018
David Gittings, CEO of the Lloyd’s Market Association (LMA) today told chief executives from across the Lloyd’s managing agency community that Brexit, electronic placing, claims modernisation, and further development of the LMA Academy in Lloyd’s overseas hubs are top of the LMA’s priority list for 2018.
Speaking today at the LMA’s annual CEO meeting, Gittings highlighted the challenges facing the industry ahead of exiting the EU, but expressed support for Lloyd’s Brussels subsidiary and optimism that solutions would be found around resolving continuity of contracts after Brexit.
Gittings also confirmed the LMA Board’s support for the proposals on an electronic placing mandate noting that Lloyd’s were actively addressing LMA’s suggestions in relation to this.
Gittings highlighted the success of claims modernisation in 2017, including the cross market launch of the Single Claims Agreement, providing a new satellite imagery service for Lloyd’s claims practitioners and developing the Claims Expert Hub, which will help to reduce the estimated £1bn market spend on claims experts incurred by the Lloyd’s market over the past two years. He added that LMA will continue to support the Target Operating Model (TOM), following the announcement that claims transformation will become an important focus for TOM in 2018.
Gittings concluded by emphasising LMA’s unparalleled access to and influence in Lloyd’s which is greatly valued by its members, and thanked the LMA Board and the market for their ongoing support. All Lloyd’s managing agents and members’ agents continue be members of the LMA.”
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Notes to Editors
For further information please contact:
James Milne, Head of Communications
Lloyd’s Market Association
T 020 7327 8405
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £32billion per annum.