LMA's Top Priorities for 2017
I recently sat down with Chief Executive Officers from across the managing agents’ community for our annual CEO lunch, and we discussed the LMA’s objectives for the year ahead.
Market modernisation, specifically making sure that PPL, the London market’s electronic placing platform, is a success; the UK’s exit from the European Union; and supporting the London Market Group’s (LMG) agenda are among our top priorities for 2017.
PPL, which allows brokers and insurers to quote, negotiate and bind business electronically, is a key part of the Target Operating Model (TOM) programme.
There is enormous will in the market to make PPL a success. PPL will be at the heart of how business is transacted in the future so it is vital that we get it right and that PPL meets the market’s requirements.
The integration of PPL with the Structured Data Capture Service is also of the utmost importance, so that ‘straight-through processing’ of data becomes possible.
Of course, Brexit will be a major theme for us in 2017. The LMA has been working with a select market group to help Lloyd’s assess how to plan for Britain’s exit from the EU.
The group is examining what would be the most operationally efficient and cost-effective location for the market to be able to retain access to business in EU countries after we have left the EU. The result of those discussions will be decided soon; the clear preference is to find a stable regulatory environment that can accommodate the unique and special characteristics of our market.
While Brexit is, naturally, a big focus for us and our members, it does not distract us from the other work we are engaged in.
This includes supporting managing agents with their overseas operations, the renegotiation of a long-term deal with CSC for the services it provides to the Lloyd's market, and promoting the LMA Academy, which in 2016 had over 8,000 attendees at its various events.
Other areas we will work on in 2017 include encouraging additional catastrophe loss models to join the OASIS open source catastrophe loss modelling platform, and exploring the long-term funding models for TOM.
And a continued focus on the LMG’s agenda, particularly increasing government awareness of issues in our market and articulating the unique Lloyd’s market proposition, will be another major area of work.
The LMA will continue to work hard to support all sectors of our marketplace through our wide programme of activities.
Click here to download Viewpoint.