Shirine Khoury-Haq blog: making new year’s resolutions
The first of January is an important date in the London Market and is a time of both reflection on the previous year’s achievements and anticipation of what the new year holds.
1/1 is not just an important renewal date across the market – it also marks the day on which we all inevitably reflect on what we have achieved in the last twelve months, and think about our personal and professional resolutions for the new year. As we complete another year of delivery for the LM TOM, it struck me as not a bad idea to turn that lens on what we have achieved and cast a look forward.
Two years ago, I laid out the vision of where we wanted to get to and what we had to deliver to get there. That vision was to enable the London Market to grow by making it highly accessible, efficiently run and relevant to the needs of our customers. So how are we doing?
Report card for 2017
- A choice of channels – Under the leadership of David Ledger, Sue Jakobek and Colin O’Malley, London has led the global insurance market and built the first ever electronic placement platform – providing a genuinely innovative service so that information from quote to bind and beyond can flow seamlessly between brokers and underwriters, without rekeying. Already about 10% of market business is being placed electronically. By the middle of 2018 all classes of business will be live.
- Data entered only once – Michael Gould, Bronek Masojada and Stuart McPhee delivered the first two phases of the Structured Data Capture (SDC) programme and by the end of 2017 all MRCs and lines of business will be live. Further document types (e.g. endorsements and schedules) are under consideration and the project is planned to move to ‘Business As Usual’ in 2018. Links are being developed from Placing Platform Limited to SDC so that eventually data can flow directly into carriers’ systems.
- Helen Crooks and Mirko Ubertini steered the Data Integration team to deliver, for the first time ever, a global data standard for risk information that can be used not just in London but across the entire global insurance market. We have also built a data glossary which is being used by over 100 firms in our market.
- Reducing errors and administration – coverholder business is one significant area where this is vital. Under the leadership of Ian Fantozzi and Denise Garland, those writing business on behalf of London carriers in 2017 started to benefit from a single audit. In 2018 they will also benefit from a single compliance process.
- Under Stuart McPhee’s direction, money will be moving easily around the system. By the end of 2017 our central services refresh, which already covers premiums and claims submissions, will also include a post-bind queries portal and be able to accept other submission types, including bulk accounting (binders). This radically reduces the administration burden on brokers.
Adrian Thornycroft has led the overall LM TOM programme and there has been a tremendous amount of leadership, energy and time given to these initiatives by the LM TOM programme team, the Associations, Steering Group and Board members and experts across our market. It is only through their involvement that we have been able to deliver on our promise to provide solutions that remove duplication and complexity from the value chain and to reduce costs. This way, market firms can concentrate on using their expertise to deliver the customer value proposition that makes London so compelling.
Resolutions for 2018
2018 is primarily about adoption – moving from the creation of solutions that will modernise the market to adoption by individual market firms. The power to change will be directly in the hands of market firms. The responsibility for success will shift from us to you. We are not abandoning you – our change team is in place to engage with and support the individual businesses. We have developed material in the centre that is useful to as many parties as possible. But the help and support cannot be in place forever. Ultimately, each business must decide which initiatives they want to implement and how quickly, and whether to use the central resources while they are available.
Our new year's resolution is to complete the build of what we promised in phase 1. We hope that yours will be to engage fully with what is available. Parts of the market are seeing real benefits from the LM TOM, please resolve to join them in 2018.
I wish you and your families a safe and enjoyable holiday season and a happy new year.