The London Market Group (LMG) has announced the establishment of a permanent body designed to manage market services, called the London Insurance Market Operations & Strategic Sourcing (LIMOSS).
The new body has been launched to both source and manage the portfolio of market services the London insurance and reinsurance market has built during the continued modernisation of its processes.
Chief Executive Officer (CEO) of the LMG, Chris Beazley, commented: “Modernisation is one of the four LMG workstreams, and is focused on making London an easier place to do business. The market services that will deliver on this goal need a professional organisation to source and manage them, and LIMOSS will provide just that.”
LIMOSS will be led by LMG’s Managing Director, Patrick Molineux, who said: “The market services which the London Market has and will develop offer a tremendous opportunity for London to lead the world in commercial insurance and re-insurance technology, as well insurance product innovation. Automation of basic processes and the connection of diverse systems will free London’s insurance experts to focus on the value-adding activities such as face-to-face negotiation that make London unique.
“Whether the services are around placing, data or messaging, LIMOSS’s objective is build a team with the right skills to get the best from service providers and deliver a high quality service to the brokers and carriers for whom these services will be increasingly important.”
As technology advances and disruptive forces look to the insurance and reinsurance sectors of the world, the London market continues to look to evolve and modernise in order to stay with the times, amidst concerns of losing global market share to emerging risk transfer hubs.
David Bendle, Chief Operating Officer (COO) of Chaucer and Chairman of LIMOSS, added: “As the London Market moves from building market services through the London Market Target Operating Model (LMTOM) to running them for the benefit of carriers and brokers, it needs a single permanent team to define and execute its sourcing strategy, oversee the services, manage the service providers and liaise with carriers and brokers.
“We are delighted to have Patrick on board to build and lead the team. His thirty years’ experience of insurance IT and business process services, as well as his time with CSC where he oversaw the acquisition of Xchanging, is invaluable in establishing LIMOSS and shaping how it can source and operate these key market services.”
