It seems there are some key concerns for Lloyd’s market chief operating officers after a survey from the Lloyd’s Market Association (LMA) shed light on their top three priorities.
“It is widely understood that the Lloyd’s market faces an increasingly challenging environment, with COOs having a key role to play in this changing landscape,” said Tom Payne, market operations director at the LMA. “The LMA Operations Committee (LMAOC) is uniquely placed to represent the operational community in areas where working collectively can drive clarity and value.”
Its research highlighted a number of notable issues revolving around the key concerns of market modernisation, Brexit preparations and underwriting system upgrades.
- Market modernisation: Delegated authority transformation has the highest priority and 93% believe straight-through processing is a viable option.
- System upgrades: Almost 77% have set their sights on upgrading their coverholder reporting systems and processes this year.
- Brexit: The decision to leave the European Union is seen as a high priority and managing agencies still favour using the Lloyd’s Brussels subsidiary (57%) over the creation of their own EU subsidiary (43%).
The survey was conducted between January 23 and March 09, 2018, to engage with chief operating officers at Lloyd’s Managing Agents. Thirty nine (39) of Lloyd’s 55 managing agencies (71%) took part in the survey.
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