LMA CEO Gittings puts claims modernisation on top of 2018 agenda
David Gittings, CEO of the Lloyd’s Market Association (LMA) told chief executives from across the Lloyd’s managing agency community that claims modernisation is a top priority for the organisation in 2018.
Speaking at the LMA’s Feb. 22 annual CEO meeting, 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 £1 billion market spend on claims experts incurred by the Lloyd’s market over the past two years. He added that the 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.
Other LMA priorities in 2018 include Brexit and electronic placing. 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 the LMA’s suggestions in relation to this.
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