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Market Efficiency

Overview

We want to make the London Market an easier place to do business with; no matter where in the world you are based.  To do this we have established the Target Operating Model (TOM) which is a comprehensive programme of new and existing projects that are designed to make the market a more accessible and cost effective place to do business with.

The key aims of the TOM are to assist:

  • Face to face negotiation supported and facilitated by electronic data capture for all steps in the process including placing, signing, closing, claims and renewals
  • One touch data capture – a global standard to allow re-use by all
  • Enhanced shared central services – providing common non-competitive services

For more information on the TOM and its initiatives please click here

The TOM is a programme of central initiatives designed to drive greater operational efficiency and consistency.

 

Governance

The LMG board sponsor and Steering Board Chair is John Neal.
The members of the Tom Steering Board are:

– John Neal, Lloyd’s
– Clare Lebecq, LMG
– Vinicio Cellerini, Zurich
– Christopher Croft, LIIBA
– Sheila Cameron, LMA
– Geoff Godwin, AIG
– Peter Houston, Chubb
– Bronek Masojada, Hiscox
– Dave Matcham, IUA
– Stephen Reid, Price Forbes
– Kate Roy, Willis
– Adrian Thornycroft, LM TOM
– Geoff Godwin, AIG
– Paul Greensmith, Axa XL
– Richard Harries, Atrium UW
– Karl Hennesey, Aon
– Tracey Hunt, Allianz
– Sheel Sawhney, Brit Insurance
– Roy White, Marsh
– Paul Knowles, JLT

  • John Neal

    Chief Executive Officer

Current Projects

Within the TOM, the key initiatives for are:

Placing Platform Limited (PPL)

PPL is an electronic placing platform which enables brokers and insurers to quote, negotiate, bind and endorse business digitally.

Risks can be placed electronically to support face-to-face negotiations, removing paper from the process and creating a digital information flow and audit trail.

For more information, please visit the TOM website..

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Structured Data Capture

Structured Data Capture is a simple online service that converts the content of a Market Reform Contract (MRC) into consistent, electronic data in line with ACORD standards. SDC is also looking at the digitisation of other document types such as endorsements and schedules.

Documents can be submitted through PPL, email, TMEL or via an online portal. A Global Placement Message is then returned via email or integrated with existing carrier systems.

Digitised data is supplied to carriers, contributing to straight-through processing across the market.

For more information, please visit the TOM website.

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Data Integration

Data Integration facilitates seamless sharing of information through common data standards. It supports the overall target to provide ‘Better Data’ and includes:

Market Business Glossary & Collaboration – To enable the market to agree and share definitions and rules for data used to drive process efficiency and make London an easier place to do business.

Master Data Management – To provide shared ‘business topics’ (e.g. market directory and reference data) to LM TOM initiatives and the wider market at a lower cost than if they did it independently.

Data Governance CoE – To provide data specialist support and cross data solutions with associated governance.

Data Strategy – To facilitate market agreement on the use of shared data (Data Ownership) and identify data improvement opportunities for the market and its customers.

Common Infrastructure Systems -Deliver and Integrate with LM TOM (and other parties).

For more information, please visit the TOM website.

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Central Services Refresh Programme (CSRP)

CSRP is a submission channel that enables money to move through the London Market more efficiently and reduces market effort around London-specific accounting transaction systems and processes (such as LPAN creation and accounting splits).

Brokers can submit accounting and claims movement data in a consistent format that is in line with global insurance messaging standards (ACORD, EBOT/ECOT) through an online submission portal or through brokers’ own systems.

The Online Portal directs queries to the right person for resolution.

For more information, please visit the TOM website.

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Delegated Authority (DA)

DA Data Standards and SATS – A single set of market-approved reporting DA Data Standards (Risk, Premium and Claim) to be utilised consistently across the entire delegated authority market.

Audit – An automated platform delivered by LM TOM which primarily supports the process of auditing coverholders and TPAs in a co-ordinated manner.

DA Approvals and Compliance Platform – A centralised platform streamlining and fully automating the business processes of application, approval and compliance of delegated authorities and enhance DA contract generation.

For more information, please visit the TOM website.

Progress

The London Market Target Operating Model (LM TOM) programme is making London more accessible to our customers and providing more efficient and cost-effective services that better meet their needs.

For the latest TOM Blueprint please click here:

www.tomsupports.london/lm-tom-blueprint

To find out more about the LM TOM programme and the latest updates please click here:
www.tomsupports.london

PPL adoption statistics

PPL Adoption Statistics

Select link below to download the Adoption Statistics

ePlacing League Table Q22019

 

 

 

 

 

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