The London Market Group has found a new interim sponsor for its Target Operating Model (LM TOM) – and it’s a big name.
John Neal (pictured), CEO of Lloyd’s of London, is to take the role on the back of the departure of Shirine Khoury-Haq, the COO of Lloyd’s and its sponsor since the workstream’s inception back in 2015.
“The LM TOM has delivered a significant number of solutions to the market, helping move risk, data and funds around the market with less paper, more speed and greater accuracy,” said chair of the LMG Andrew Horton. “Having John’s energy and focus is crucial to helping us to reap the rewards of the market’s investment as we work together to drive integration and realise the benefits of all our hard work.”
Several steps are already being discussed for the next stages of the model – including more work in the delegated authority space to boost support for coverholders, further integration of LM TOM solutions and agreement over an enhanced claims service.
“There is absolutely no room for complacency in the work of the LM TOM and I am keen that the workstream continues to have the leadership it needs to keep moving forwards,” said Neal. “We have worked to understand what has been delivered against the original vision and the market is fully engaged in conversations about what needs to happen next.”