Market surveillance, underwriting system upgrades and Brexit preparations are the top three 2018 priorities of Lloyd’s market chief operating officers (COOs), according to a survey by the Lloyd’s Market Association.
Survey findings of the survey include:
In market modernization initiatives, the transfer of delegated authority has the highest priority and 93 per cent believes that direct processing is a viable option for competent authorities.
All participants are planning system updates in 2018. Nearly 77 percent plan to upgrade their coverholder reporting systems and processes.
Brexit is seen as a priority issue at the domestic and market level for 2018, with the majority of COOs. Management agencies are interested in using Lloyd’s Brussels subsidiary (57 percent) to create their own EU affiliates (43 percent).
“It is widely understood that Lloyd’s market is facing an increasingly challenging environment and that COOs play an important role in this changing landscape,” said Tom Payne, LMA’s director of market operations.
“We believe the voice of the COO should be expressed more clearly in the context of market modernization, operational improvement and spending management,” said LMA Operations Committee (LMAOC). . “This questionnaire will help you to get it done, which will be the task to be assigned. For the first time, the views of Lloyd’s market COOs have been brought together, evaluated, and compiled to express the business and operational challenges facing agencies. “
Between 23 January and 9 March 2018, the survey was conducted by the main operation officials in 39 of 55 Lloyd’s 39 agents or 71 per cent. The survey was conducted by Haggie Partners LLP on behalf of Lgie.
About Lloyd’s Market Association
LMA represents the interests of Lloyd’s community and provides professional and technical support to its members. All executive and member representatives at Lloyd ‘s are full members who manage a total gross premium income of £ 32 billion ($ 42.4 billion).
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