The association will also seek to address Brexit challenges within its objectives for this year
The Lloyd’s Market Association (LMA) has confirmed that its primary objective for 2020 will be to liaise with Lloyd’s on the successful implementation of the Future at Lloyd’s strategy.
To achieve this, the LMA will assist with the rollout of underwriting standards for modernised syndication, establish pilot exercises to help transform the claims service model – including initiating electronic claim files (ECF) replacement – support the new products and public liability (PPL) platform and work with Lloyd’s to drive a common set of data standards.
The LMA will also aid the development of any technical skills that are required for these projects.
Also on the LMA’s agenda for 2020 is to continue addressing challenges that arise as a result of Brexit.
Primarily, the LMA seeks to minimise risk to members that may occur as part of Lloyd’s Part VII transfer of business to Lloyd’s Brussels – the association will work with the subsidiary to support the market’s efficient placement of European business.
Another 2020 priority for the LMA is centred on exploring the implications for the market of the Bank of England stress test requirements in respect of climate risk.
A year of change
Sheila Cameron, chief executive at the LMA, said: “2020 will be a 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.
“We will work tirelessly to ensure our members are engaged throughout the process 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.
“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.”
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