There is now a new service in the marketplace - London Insurance Market Operations & Strategic Sourcing (LIMOSS).
Established by the London Market Group and headed by managing director Patrick Molineux (pictured), LIMOSS is tasked with sourcing and managing the portfolio of market services built by the London insurance market. At the heart of LIMOSS’s mandate is getting the best from service providers for the benefit of brokers and carriers.
“Modernisation is one of the four LMG workstreams, and is focused on making London an easier place to do business,” noted LMG chief executive Chris Beazley. “The market services that will deliver on this goal need a professional organisation to source and manage them, and LIMOSS will provide just that.”
Molineux, for his part, believes the market services offer what he described as “a tremendous opportunity” for London to lead the world not only in commercial insurance and reinsurance technology but also in insurance product innovation.
“Automation of basic processes and the connection of diverse systems will free London’s insurance experts to focus on the value-adding activities such as face-to-face negotiation that make London unique,” said the MD, who is a former executive at insurance technology services firm CSC. “Whether the services are around placing, data, or messaging, LIMOSS’s objective is build a team with the right skills to get the best from service providers and deliver a high quality service to the brokers and carriers for whom these services will be increasingly important.”
LIMOSS chair and Chaucer chief operating officer David Bendle called Molineux’s experience “invaluable” in setting up the new unit and shaping its ability to source and operate the market services.
“As the London Market moves from building market services through the London Market Target Operating Model (LMTOM) to running them for the benefit of carriers and brokers, it needs a single permanent team to define and execute its sourcing strategy, oversee the services, manage the service providers, and liaise with carriers and brokers,” said Bendle. “We are delighted to have Patrick on board to build and lead the team.”
