The Lloyd’s Market Association (LMA) has revealed its ongoing agenda, with digital transformation at the top.
According to the LMA, Future at Lloyd’s is its highest priority, with a 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.
Sheila Cameron, CEO of the LMA, said: “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.”
She added: “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.”
The LMA also said that regulatory change was a key focus, particularly around the Government’s forthcoming review of the prudential regime governing the UK’s insurance sector, will also form a key focus for the LMA as the year progresses.
It was also said by the LMA that it supported the government’s core objectives for its review. It said that it would also work to ensure that the new regulatory system works for Lloyd’s market participants as well as the domestic and company markets.
