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

PPL goes live with facilities and platform improvements

Press Release here

LM TOM moves forward with go-live of the Market Business Glossary

For full press release see here

Progress on LM TOM with preferred bidder for DA SATS

Full Press Release here

Bringing London Market careers to life

Full Story of the Event here

THE LONDON MARKET GROUP IS USING SOCIAL MEDIA TO ATTRACT A-LEVEL STUDENTS

more

Government announces new ILS legislation

The government have announced the introduction of new ILS legislation for the London Insurance Market. Please click here for more

DFID announces creation of the London Centre for Global Disaster Protection

LMG response here

THE ECONOMIC SECRETARY TO HM TREASURY WRITES TO THE LMG REGARDING ILS LEGISLATION

Full Story here

LMG re-appoints Nicolas Aubert as Chair

Full story here

LMG Forum - London Matters 2017

The London Matters 2017 report will be launched 9th May register your interest here

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