LM TOM – driving adoption and benefits realisation in 2019
During June we focussed on what the rest of the year holds for the LM TOM. Our objective from the beginning of the programme was to deliver a digital transformation that provides our customers with much better service - from the initial placement of the risk right through to claims. We wanted to get rid of complicated processes, grow our ability to achieve throughput of data and enable the re-use of data at every stage of the journey.
With your support and hard work we are at the point where most of the Phase 1 LM TOM solutions are delivered and are in “run” mode, managed by LIMOSS. So, for the rest of this year, the programme will focus on completing what’s left (some of which will run into early 2020), delivering further improvements to existing solutions, building on the throughput of data and driving wider adoption.
We know that integration and technical adoption within market firms must move at a faster pace. APIs play a crucial role so, after listening to market feedback, we are evolving the programme’s integration strategy. It will focus on delivering APIs relating to Bordereau submission, and will also look at distribution standards and placement standards.
In addition, the programme will transition to a new structure. The key elements are Placing, Delegated Authority (DA), Claims and an Enabling workstream that includes the API development. We want to enable data throughput in Placing by combining work from SDC and data integration and working closely with PPL.
In DA we have the same data integration goal across DA SATS and Chorus, although we are clear the Chorus work will continue into 2020.
Claims transformation will benefit from the appointment of a strategic partner to pick up on the exploratory work delivered by the LM TOM. There is a clear aim of gaining market consensus on how best to move forward with this vital part of the market’s service proposition.
Aims remain the same
So, while some of the work within LM TOM is different, the aims remain the same: integration of the solutions to support adoption and benefits realisation. The only change is how we organise ourselves as a programme to meet these aims.
CSRP is nearly complete and is now able to transact around 90% of the market’s accounting and settlement requirements. So, on that basis, the LM TOM has handed over the ACORD 2016.10 update to be overseen by the Associations’ Transformation Committee (ATC). The ATC will also work with the market to understand the demand and timing of delivering Proportional Treaty.
The initial work carried out by the LM TOM on a central data store for the market highlighted that the main benefit of such a service would be to Lloyd’s. On that basis, Lloyd’s will continue to scope out requirements and understand how such a store could further support the reuse of data.
Opened the market’s eyes
I’m also able to confirm that, based on solutions delivered, we will now wind down the majority of the LM TOM programme by the end of year. Meanwhile, PPL will continue operating as the market’s e-placing platform. It’s clear that the work of the LM TOM has opened the market’s eyes to modernisation and paved the way for future changes. As we transition towards the end of the programme we’ll work with Lloyd’s to highlight the relevant parts of LM TOM that link to elements of the Future at Lloyd’s.
Although the blueprint for the Future at Lloyd’s is being finalised, it is clear is that all solutions, both for LM TOM and the Future at Lloyd’s, require data. So, we must all continue to push ahead for the digital throughput of data – and data that’s of good quality from the start. Without it, we won’t get the benefit of the solutions we have built and will jeopardise our ability to make the market more efficient and more attractive to our customers. Please continue with your support and commitment to building and driving forward the London Market.
PS, we’ve now hit the summer holiday season, so I am taking a break and wish you all the best for yours.