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

London Makes It Possible - Telling stories that sell

Are you actively selling London Market products and services to clients? LMG is running a high energy and FREE course to help you build and deepen client relationships, by using the power of storytelling as a tool for selling. Learn more here

Report calls for action now to address skills shortage

Read Full Press Release Here

Interim LMTOM Sponsor Announced

Read Press Release here

London Market updates vision and workstreams for the next stage of development

Full Release

PPL - Q4 2018 data significantly exceed targets

The Board of PPL today released the market wide data for risks placed electronically during the last quarter of 2018. Read more here.

London Insurance Life celebrates its second anniversary

It is two years since the LMG launched the London Insurance Life (@LIL) talent attraction campaign. Read more here

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