Modernisation

Making the London Market an easier place to do business

Current Projects

Within the TOM, the key initiatives for 2017 are:

Placing Platform Limited (PPL)

PPL is an electronic placing platform which enables brokers and insurers to quote, negotiate, bind and endorse business digitally.

Risks can be placed electronically to support face-to-face negotiations, removing paper from the process and creating a digital information flow and audit trail.

For more information, please visit the TOM website..

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Structured Data Capture

Structured Data Capture is a simple online service that converts the content of a Market Reform Contract (MRC) into consistent, electronic data in line with ACORD standards. SDC is also looking at the digitisation of other document types such as endorsements and schedules.

Documents can be submitted through PPL, email, TMEL or via an online portal. A Global Placement Message is then returned via email or integrated with existing carrier systems.

Digitised data is supplied to carriers, contributing to straight-through processing across the market.

For more information, please visit the TOM website.

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Data Integration

Data Integration facilitates seamless sharing of information through common data standards. It supports the overall target to provide ‘Better Data’ and includes:

Market Business Glossary & Collaboration - To enable the market to agree and share definitions and rules for data used to drive process efficiency and make London an easier place to do business.

Master Data Management - To provide shared ‘business topics’ (e.g. market directory and reference data) to LM TOM initiatives and the wider market at a lower cost than if they did it independently.

Data Governance CoE - To provide data specialist support and cross data solutions with associated governance.

Data Strategy - To facilitate market agreement on the use of shared data (Data Ownership) and identify data improvement opportunities for the market and its customers.

Common Infrastructure Systems -Deliver and Integrate with LM TOM (and other parties).

For more information, please visit the TOM website.

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Central Services Refresh Programme (CSRP)

CSRP is a submission channel that enables money to move through the London Market more efficiently and reduces market effort around London-specific accounting transaction systems and processes (such as LPAN creation and accounting splits).

Brokers can submit accounting and claims movement data in a consistent format that is in line with global insurance messaging standards (ACORD, EBOT/ECOT) through an online submission portal or through brokers’ own systems.

The Online Portal directs queries to the right person for resolution.

For more information, please visit the TOM website.

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Delegated Authority (DA)

DA Data Standards and SATS – A single set of market-approved reporting DA Data Standards (Risk, Premium and Claim) to be utilised consistently across the entire delegated authority market.

Audit - An automated platform delivered by LM TOM which primarily supports the process of auditing coverholders and TPAs in a co-ordinated manner.

DA Approvals and Compliance Platform - A centralised platform streamlining and fully automating the business processes of application, approval and compliance of delegated authorities and enhance DA contract generation.

For more information, please visit the TOM website.

Latest Content

Electronic placement goes live with Accident & Health

The board of PPL Ltd announced that the Accident & Health classes of business went live on the platform on Monday 16th April. To read the full press release, please click here

London Market creates permanent body to manage market services

The London Market Group announced today the launch of London Insurance Market Operations & Strategic Sourcing (LIMOSS) led by Managing Director, Patrick Molineux.

Read the full press release here

London Market announces new chair

The London Market Group (LMG) today announced the appointment of Andrew Horton, CEO of Beazley as its new Chair with effect from 4 May 2018. Read the full press release here

PPL TO APPOINT NEW CHAIR WITH ADOPTION THE KEY PRIORITY

Read the full press release here 

Response from chairman Nicolas Aubert to Brexit Transition Announcement

Read in full 

CLAIMS TRANSFORMATION PRIORITISED IN LM TOM

The London Market Group has announced that claims transformation will become a focus for the Target Operating Model (TOM) in 2018. Read more here

PPL Come of age with one of the largest transactions at Lloyd's

Read the full press release here 

Happy 1st Birthday @LIL

Today London Insurance Life turns 1 read more here

Structured Data Capture now live for all classes of business

Full Story

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