The Lloyd’s Market Association (LMA) has unveiled its strategic focus for 2024, highlighting the core priorities for the upcoming year.
The association is looking to focus its efforts on areas that underscore its commitment to driving innovation, technical expertise, regulatory engagement, and talent development.
The LMA is determined to actively prepare managing agents for Blueprint Two, with a particular emphasis on the Velonetic changes in phase one and phase two. This involves establishing a robust testing and assurance framework for Velonetic go-lives. Through the Data Council, the LMA is championing the adoption of a digitized open market and working towards a computable binding authority contract.
In addition to these initiatives, the LMA is poised to provide crucial technical expertise, contributing to the development of model wordings, collaborating on reserve benchmarking processes, and generating thought leadership content on critical topics such as artificial intelligence, data-driven decision approaches, simplified market reporting, and sustainability.
To further support managing agents, the LMA is actively involved in the rollout of the market data collection and reporting project.
Additionally, it aims to evolve the underwriting and capital planning model, aligning with Lloyd’s commercial strategy. The association is also crafting a data-driven, three-year delegated authority strategy while influencing Lloyd’s ESG strategy.
On the regulatory front, the LMA is set to implement a focused engagement strategy with key stakeholders such as Lloyd’s, LIC, FCA, PRA, EIOPA, and HM Government. Central to this strategy is addressing crucial topics such as the consumer duty and collaborating with regulators on the implementation of the secondary competitiveness objective.
The LMA will actively participate in the anticipated review of the Insurance Distribution Directive and tirelessly advocate for its members’ interests.
In terms of talent development, the LMA is committed to expanding and deepening technical training through the LMA Academy, aiming to enhance the talent pool for managing agents.
Shelia Cameron, CEO of the LMA, said: “Our 2024 objectives reflect our commitment to positive change, technical excellence, innovation and continuing to support managing agents in the Lloyd’s market. The year ahead will be one of vital change within the Lloyd’s marketplace and I am proud that the LMA can continue to empower our members as we navigate new challenges and exciting opportunities.”
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