The Lloyd’s Market Association (LMA) has set the stage for a transformative year, announcing its 2024 Strategic Focus with a bold vision for innovation, technical expertise, regulatory engagement, talent development, and member engagement.
A central highlight of the announcement is the LMA’s commitment to actively promote managing agent readiness for Blueprint Two, emphasising both phase one and phase two Velonetic changes.
The association is dedicated to ensuring a robust testing and assurance framework for Velonetic go-lives, working collaboratively through the Data Council to drive the adoption of a digitised open market and develop a computable binding authority contract.
In a bid to deepen technical expertise, the LMA will provide essential support for the development of model wordings, engage in collaborative efforts on reserve benchmarking processes, and contribute to thought leadership content on critical topics such as artificial intelligence, data-driven decision approaches, simplified market reporting, and sustainability.
To assist managing agents, the LMA plans to actively participate in the market data collection and reporting project rollout, evolve the underwriting and capital planning model, and engage with Lloyd’s commercial strategy.
Additionally, the association will articulate a data-driven, three-year delegated authority strategy and wield influence over Lloyd’s ESG strategy.
Addressing regulatory policy, the LMA is set to implement a focused engagement strategy with key entities including Lloyd’s, LIC, FCA, PRA, EIOPA, and HM Government.
Anticipated key topics include the consumer duty, engagement with regulators’ efforts to implement the secondary competitiveness objective, collaboration on the expected review of the Insurance Distribution Directive, and the overall promotion of members’ interests.
In the realm of talent development, the LMA aims to expand and deepen technical training through the LMA Academy, thereby significantly increasing the talent pool available for managing agents.
Sheila Cameron, CEO of the LMA, expressed her enthusiasm, stating, “Our 2024 objectives reflect our commitment to positive change, technical excellence, innovation, and continuing to support managing agents in the Lloyd’s market. The year ahead will be one of vital change within the Lloyd’s marketplace, and I am proud that the LMA can continue to empower our members as we navigate new challenges and exciting opportunities.”
