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There is a new face at the helm of the TOM Steering Board.
John Neal (pictured), the CEO of Lloyd’s of London, has taken the role after Inga Beale’s departure – Beale had chaired TOM since its establishment back in 2016.
“There can be no doubt that the London market has achieved some great results through the work of the LM TOM,” he said. “Its original vision was ambitious, but the work has been delivered in manageable segments so that the market now has many of the component parts to help it to achieve its goals of being simpler to access, cheaper to deal with and easier to understand.
“The inevitable question is “what next”? Firstly, we want to ensure that we have delivered against the original vision and then think about what that means in terms of moving forward, whether that is building on foundations we have or looking at what the market wants next. The challenges facing London remain but I am excited by what has been achieved and confident we have a robust platform on which to build.”
Commenting on the announcement, chair of the London Market Group Andrew Horton noted that there has been real progress by the initiative since its inception.
“The market has taken delivery of a number of solutions, including for the e-placement of risk, the audit and compliance of coverholders and the movement of data around the market,” he said. “The key is now to increase adoption by market firms and to consider what next. John’s leadership in this will be a crucial part of the process.”
