LMA ‘pushing hard’ to see a new Lloyd’s emerge with data-first mindset
The Lloyd’s Market Association (LMA) has revealed its core priorities for 2022, including its “commitment to seeing a new Lloyd’s emerge” in the near future - one that is technologically more advanced, better skilled, and an expert at risk selection.
Future at Lloyd’s tops the association’s agenda, with specific focus on digitisation and adoption of standardised, high-quality data through the Data Council, Lloyd’s/DXC’s joint solution for risk, premiums and claims, digital placement platform enhancements, and Lloyd’s delivering DCOM and DDM for delegated authority business.
The LMA sees technical expertise advocacy as a “top priority”, as it looks to underwriting excellence to secure the market’s future as the world’s leading specialty insurance and reinsurance centre.
Regulatory change, including in respect of the recently announced Government review of the prudential regime governing the UK’s insurance sector, will also form a key focus for the LMA as the year progresses.
The LMA stated that it supports the Government’s core objectives for the review: to ensure a vibrant and prosperous insurance sector, to provide long-term capital to support growth, and to uphold high standards of policyholder protection and promote the safety and soundness of firms. Additionally, the association seeks to ensure that the new regulatory system works for Lloyd’s market participants as well as the domestic and company markets.
Technical training and engagement complete the list of top 2022 concerns for the LMA. Technical training to drive underwriting excellence and expertise has long been a core workstream, LMA stated, noting that its LMA Academy is redoubling its efforts to improve underwriting and risk trading skills across Lloyd’s.
The LMA intends to step up its cross-market engagement to further improve the standing of Lloyd’s underwriting and cement its leading role.
Sheila Cameron (pictured), chief executive of the LMA, explained: “As the market returns to in-person trading and the economy recovers from the pandemic, we are committed to seeing a new Lloyd’s emerge over the coming years, one that is even more highly-skilled, technologically excellent and expert at selecting risk.
“Through LMA initiatives such as the LMA Academy and our market advocacy role, we provide vital tools towards ensuring that aim. We will also be working closely with our Members, Lloyd’s and the Government to ensure that regulatory changes will be implemented in a way that works for the London market and our partners.”
Cameron also reiterated that driving the market’s digital development through the Future at Lloyd’s programme is “critical” if we are to maintain its leading position.
“Integral to that journey is data,” she noted. “As chair of the London Market Data Council, I will be pushing hard for the adoption of a data-first mindset in our marketplace. We are confident that LMA’s agenda for 2022 continues to champion the success of our members and the market.”
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