John Neal, the Chief Executive Officer of Lloyd’s, is to take over as the interim sponsor of the London Market’s Target Operating Model (LM TOM), following the departure of Shirine Khoury-Haq in November 2018.
Khoury-Haq had been the driving force behind Lloyd’s recent digital integration efforts, which included the introduction of TOM.
By better utilising data and technology, and by implementing TOM, Lloyd’s is attempting to reduce its market expenses by £145 million cumulatively by 2020.
“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,” said Andrew Horton, Chair of the LMG.
“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.”
Commenting on the announcement, 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.”