Feedback from brokers, managing agents and insured’s is consistent at praising Lloyd’s for its capital advantages, security and ratings, performance management expertise and market access. But one area of regular criticism is its operating environment. Market modernisation seeks to address this anomaly.

Earlier this year the Market Reform Group, now called the Market Group (see my previous blog), approved the Finish What We Started (FWWS) initiative.

The FWWS work includes projects such as ECF 2 release 1 (Electronic Claims File), IMR  (Insurer’s Market Repository) Security Model Upgrade and E-accounting all of which will bring significant process benefits to the market. Whilst a huge step forward operationally, the lifespan of FWWS is only considered to be 5 years beyond its completion date.

In order to maintain the momentum for market modernisation, the London Market Group has been considering how to advance things further. Their goal was to consider how business should be serviced to preserve the advantages of the London market, and in particular of subscription, in a world where more and more information will be exchanged via structured data messages.

Coincidently Lloyd’s Market Operations had already been working on this very point through the Future of Central Services project.

The LMG examined a number of operational models and selected the one that met the following criteria:

• Supports choice in terms of service provision
• Removes negative Londonisms
• Removes process burdens from brokers
• Uses full ACORD messages to provide richer information throughout the risk lifecycle. This enables risk information to be re-used throughout the end to end business process, with business validation at the point of creation. 

The LMG commissioned a cross market group to review the proposed model, with a view to recommending whether further detailed analysis should continue. The group was made up of representatives and practitioners from Managing Agents, IUA companies, brokers, IUA, LMA and LIIBA and was facilitated by Lloyd’s Market Operations.

The group met regularly to review the proposals and recommended that a project be initiated to progress detailed design work.

The LMG agreed and as result most of 2010 will be spent analysing lower level detail to produce the detailed designs that support the Future London Market Process Model. The chosen model and its designs will be published at the end of 2010 by the cross-market group.

A way to save time in keeping up to date
I’m sure you all like to keep up to date with the latest blogs and news on lloyds.com but do you find it takes a long time to find the relevant website or page, or you’ve missed something as it has moved off the front page before you got to it?  Have you thought about using an RSS feed? Once setup you will be able to have all the websites and pages you are interested in, in one place and at a click of a button.  The websites and pages are then automatically updated with the latest information without you doing a thing!  Never miss an important event again!
 
RSS stands for Really Simple Syndication and it’s really easy to setup.
 
Click the link below to find out more about what an RSS link is, how it works and how to set one up:
http://www.lloyds.com/News_Centre/RSS_feeds.htm

This entry was posted by Carl Phillips on Friday, November 27th, 2009 at 4:15 pm and is filed under Market Operations.