The modernisation programme and other developments have delivered significant changes to the way the London market processes business. The purpose of this project is to revisit the core market operating model in the light of this and agree key future processes and central services that will ensure we continue to deliver the optimal customer experience. The aim is to design a model that will maximise the reduction of risk and costs and the increase of processing efficiencies in the market. This will ensure that London remains the market of choice for global insurance business.
Why do we need to do this?
The current London market operating models have been in existence for many years. Advances in business approach and technology mean that some of the processes are not functioning as efficiently as they could. This is set against a backdrop of increasing competition from overseas markets. Additionally the market is looking for the ability to exercise a choice in service provision. To date, modernisation projects have focused on making improvements to the existing market processes. This project aims to redesign the optimal process without being constrained by how things are currently done.
- The services offered centrally are only those that reduce cost and improve market efficiency; are ‘must haves’ as a result of tax or regulatory requirements or are services which reduce risk.
- Whilst ensuring that Lloyds or regulators continue to receive the information that they require, the market has more choice around how to operate. Remaining central services are more efficient, reducing the costs of transacting business.
- Process inefficiencies have been removed and Londonisms no longer impede business coming here. Brokers and customers have the ability to interact with carriers irrespective of geographical location.
- The experience of interacting with the London market is better than any other global market.