The board of the London Market Group (LMG) has announced that its Target Operating Model (LM TOM) has delivered the majority of proposed solutions and consequently will be winding down in its current form.
The LM TOM is one of the six “growth and modernisation” workstreams of the LMG. Clare Lebecq, chief executive officer of the LMG, said that the LM TOM has worked closely with the market to successfully deliver Placing Platform Limited (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.”
“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,” said Lebecq. “I’d like to thank the 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.”