London Market Group shuts down market modernisation programme LM TOM

The board of the London Market Group (LMG) has confirmed that its market modernisation programme, the  London Market Target Operating Model (LM TOM), will cease to operate in its current form.

LMG said LM TOM, which was launched in 2015, has "delivered the majority of proposed solutions" over the last four years.

Under LM TOM, the London Market rolled out its first PPL electronic placement system, streamlined its delegated authority process, and integrated other developments into the Future at Lloyd’s workstream.

“The LM TOM has worked closely with the market to successfully deliver PPL as the world’s first electronic placing platform for insurance, simplified delegated authority processing, and has delivered other market solutions and infrastructure including structured data capture, most of which are in “run” mode now and should reduce the complexity and cost of doing business,” said Clare Lebecq, CEO of the LMG.

Lebecq added: “Further development of these solutions will take place as part of the Future at Lloyd’s – although usage will still be available across the entire London Market. The extensive work already completed on PPL and DA SATS, the delegated authority platform, will be taken forward as part of the developments that Lloyd’s will release in its Blueprint.

“I’d like to thank the LM TOM team and the many market practitioners for their strong support through the process, and especially Adrian Thornycroft, its Programme Director, for his energy, tenacity and commitment in delivering a substantial campaign of change over the last four years. We wish him all the best for the future.”

The LM TOM is one of the six “growth and modernisation” workstreams of the LMG.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

Verisk stopped selling from products and ordered to pay $125m after patent infringement

AM Best changes ProAssurance outlook over 'negative trend' in operating performance

AXA XL’s New Energy Risk plans business expansion with strategic hires

Feature:  10 ways insurers are using insurtech to drive new business