Lloyd’s John Neal sponsors market modernisation project LM TOM
Lloyd’s of London CEO John Neal will be the interim sponsor of modernisation programme the London Market Target Operating Model (LM TOM) after the departure of Shirine Khoury-Haq, COO of Lloyd’s, who has been its sponsor since it was launched in 2015.
Under LM TOM, the London Market has begun to go digital with the roll out of its PPL electronic placement system.
When Lloyd’s announced its 2018 results (27 March), Jon Hancock, Lloyd’s performance management director, emphasised the importance of market digitisation and further “evolution”. He said change was key for Lloyd’s to sustain its turnaround, as results showed losses had been cut in half from £2 billion in 2017 to £1 billion in 2018.
At the time, Hancock said: “The world is changing and Lloyd’s must change with it”, adding “we have to redefine the purpose of Lloyd’s”.
Andrew Horton, London Market Group chair, said: “The LM TOM has delivered a significant number of solutions to the market, helping move risk, data and funds around the market with less paper, more speed and greater accuracy. Having John’s energy and focus is crucial to helping us to reap the rewards of the market’s investment as we work together to drive integration and realise the benefits of all our hard work.”
Neal said: “There is absolutely no room for complacency in the work of the LM TOM and I am keen that the workstream continues to have the leadership it needs to keep moving forwards. We have worked to understand what has been delivered against the original vision and the market is fully engaged in conversations about what needs to happen next.”
The next steps for the project being discussed include more work in delegated authority to further support coverholders, further integration of the LM TOM solutions already delivered and agreeing a way forward for an enhanced claims service.
Lloyd’s is also speaking to stakeholders about how they should evolve the market, with a prospectus for this action to be launched on 1 May 2019. Ongoing consultations with stakeholders will continue in May and June, followed by the development of a market blueprint and prototypes from May to September. Work to begin building the solutions that come out of this consultation is planned for October 2019.
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