LMA reveals key 2020 objectives as it gears up for post-Brexit world
The Lloyd’s Market Association (LMA) has revealed its key objectives for 2020, allowing its members and wider market to successfully adapt and prepare for the post-Brexit world.
The LMA has highlighted reforms at the Future at Lloyd’s initiative, and addressing the challenges of Brexit as its top priorities in 2020.
The association said that it will work to minimise the risk to members which may arise from Lloyd’s planned Part VII transfer of business to Lloyd’s Brussels, and plans to work with the subsidiary to support the market’s efficient placement of European business.
The primary 2020 objective will be to engage with Lloyd’s on the successful delivery of the 'Future at Lloyd’s', in line with LMA's priorities of underwriting discipline and digitisation.
This work will include the roll-out of underwriting standards for modernised syndication; establishing pilot exercises to transform the claims service model and initiate ECF replacement; supporting the PPL replatform and; working with Lloyd’s to drive a common set of data standards.
The LMA will also aid the development of technical skills required, resulting from the Lloyd’s blueprint.
Other priorities for the LMA include exploring the implications for the market of the Bank of England stress test requirements in respect of climate risk.
“2020 will be a year of enormous change for Lloyd’s," said LMA chief executive Sheila Cameron. "These new objectives recognise that change, to ensure our members, the managing and members’ agents, can continue to offer outstanding underwriting products and services to our customers.
"We will work tirelessly to ensure our members are engaged throughout the processes of executing Lloyd’s root-and-branch overhaul of its business practices. We will actively support efforts to reinforce underwriting discipline across the market, and drive the development of a modern, data-driven, digitised business operating model for Lloyd’s."
Cameron added: “Ensuring Lloyd’s Brexit plans are comprehensive, workable, and proportionate is a high priority. We will be monitoring the progress of the project for the Part VII transfer of EEA legacy business, from syndicates to Lloyd’s Brussels, and liaising with the market to support its efficient delivery.”
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