The Future at Lloyd’s programme and Brexit are at the top of the Lloyd’s Market Association’s (LMA) objectives for 2020.
The LMA said it will work with Lloyd’s this year to roll out underwriting standards for modernised syndication. This new approach requires leaders and followers to be accredited and is intended to reduce duplication.
The LMA will also work with Lloyd’s to conduct pilots on transforming its claims service model and support the drive for a common set of data standards, which are also part of the Future at Lloyd’s blueprint.
Sheila Cameron, chief executive of the LMA, said 2020 is year of enormous change for Lloyd’s. “These new objectives recognise that change, to ensure our members, the managing and members’ agents, can continue to offer outstanding underwriting products and services to our customers,” she said.
“We will work tirelessly to ensure our members are engaged throughout the processes of executing Lloyd’s root-and-branch overhaul of its business practices. We will actively support efforts to reinforce underwriting discipline across the market, and drive the development of a modern, data-driven, digitalised business operating model for Lloyd’s,” Ms Cameron added.
The LMA will also continue its work on Brexit in 2020. It will take steps to minimise the risk of Lloyd’s’ planned Part VII transfer of business to its Lloyd’s Brussels venture.
“Ensuring Lloyd’s’ Brexit plans are comprehensive, workable and proportionate is a high priority. We will be monitoring the progress of the project for the Part VII transfer of EEA legacy business from syndicates to Lloyd’s Brussels, and liaising with the market to support its efficient delivery,” Ms Cameron said.
In addition, the LMA will prioritise implications of the Bank of England stress-test requirements on the insurance market for climate risks this year.