The Board of the London Market Group (LMG) has confirmed today that the Target Operating Model (LM TOM) has been wound down in its current form, having delivered the majority of proposed solutions.
The LM TOM was considered a core component of the market modernisation proposal, set out by the LMG, that aimed to make it easier to do business in the London market, locally, and globally.
The initiative set the foundations for modernising the London market through electronic placement and the digitalisation of placement documentation.
It also made life easier for delegated authority business through coordinated audits, simplified bordereau reporting, access to reference data, and by planning for an enhanced approvals and compliance process for coverholders.
However, most of the program’s solutions have now been delivered, are in ‘run’ mode and now being managed and supported by LIMOSS, Lloyd’s or the placement platform limited (PPL) team.
Going forward, the new Future at Lloyd’s prospectus is expected to take over and build on the groundwork laid out by the LM TOM program.
“The LM TOM has worked closely with the market to successfully deliver PPL as the world’s first electronic placing platform for insurance, simplified delegated authority processing, and has delivered other market solutions and infrastructure including structured data capture, most of which are in “run” mode now and should reduce the complexity and cost of doing business,” said Clare Lebecq, CEO of the LMG.
“Further development of these solutions will take place as part of the Future at Lloyd’s – although usage will still be available across the entire London Market,” she explained.
“The extensive work already completed on PPL and DA SATS, the delegated authority platform, will be taken forward as part of the developments that Lloyd’s will release in its Blueprint.”
Lebecq continued: “I’d like to thank the LM TOM team and the many market practitioners for their strong support through the process, and especially Adrian Thornycroft, its Programme Director, for his energy, tenacity and commitment in delivering a substantial campaign of change over the last four years. We wish him all the best for the future.”