s part of its response to the ‘London Matters’ report published late last year, which outlined the challenges facing Lloyd’s and the London market, London Market Group (LMG) announced an

initiative to provide a more detailed operational vision for the London market.

Research carried out by LMG, of which the LMA is a member, identified the need to improve the ease with which business is transacted in London and to reduce costs. Consequently, the London market is seeking to move from its existing operational model, which has many inefficiencies and frictional costs, to one that creates an efficient and accessible market comprising one-touch data capture and enhanced central services.

To manage this transition, a multi-year Target Operating Model (TOM) programme has been established and the programme’s Discovery Phase is now complete. This phase included: articulation of the vision for the future operating model; identification of 15 TOM initiatives, comprising in-flight and new programmes and development of high-level business requirements; a proposed governance model; and a stakeholder engagement plan.

It is estimated that these new services will deliver £350m of benefits to the market over five years. These benefits are driven by cost savings from straight-through processing for underwriting, claims and delegated authority. Quantified benefits do not include other expected benefits, including new business generated due to improved access and increased ease of doing business, enhanced international services, improved customer experience, broker benefits due to faster claims processing and greater ability to track claims, savings through better risk management and better fund management to delegated authority.

Implementation costs are expected to be around £250m, equating to c.0.1% of London market annual premiums. A cost-benefit tool has been

developed to help each organisation understand what TOM means to it.A centralised governance structure will oversee infrastructure projects

and ongoing services, including managing the prioritisation and phasing of projects. Programmes will be subject to formal stage gates to review progress, gain approval to proceed and receive additional funding. This governance model will draw upon the expertise, best practices and knowledge of market practitioners and existing market bodies.

Discovery Phase stage two activities include completing project documentation for prioritised initiatives, starting to establish the governance structure and continuing to engage with the market to refine the plans and approach as further detail becomes available.

Thereafter, the programme will move into its delivery phase. Overall, implementation of the London market TOM is seen as a five-year programme.

ROAD TO LONDON’S TARGET OPERATING MODEL

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WHAT IS ‘LONDON MATTERS’?In order to examine what is needed to maintain its competitive position in the global insurance market, the London Market Group, working with Boston Consulting Group, published a wide-ranging review last year. Called ‘London Matters: The Competitive Position of the London Insurance Market’, the report is the starting point for TOM and many other initiatives taking place in London now. The LMA is one of the organisations behind the report and is helping to take forward these initiatives.

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he growing significance of the role of chief risk officer (CRO) within managing agents is recognised in the formation of a new Lloyd’s Market Association group for CROs.

Reporting directly to the LMA’s Board, the new committee comprises around 20 CROs drawn from the market. Meetings will take place six times a year with the role of chair changing every third meeting. Chaucer’s Penny Shaw is the inaugural chair supported by Beazley’s Andrew Pryde acting as deputy-chair. Ken Curtis, the LMA’s director of finance and risk, also has a seat on the group.

Ken Curtis said: “The founding of this committee has been driven by the market. Ten years ago, there were only a handful of senior CROs at Lloyd’s. Five years ago, the role existed in most managing agents. Today, the overall escalation of demands on CROs, coupled with compliance requirements under Solvency II, has transformed the position into a cornerstone of a managing agency’s structure. But like compliance functions around 20 years ago, CROs are in the process of shaping the role.”

This group will bring together CROs to determine common goals and common ways of working. The committee is obviously mindful of the Prudential Regulation Authority’s requirement to make the CRO a Significant Insurance Manager Function (SIMF) under the Senior Insurance Managers Regime.

One key aim for the committee will be to become a credible source of opinion and information for market stakeholders on Lloyd’s and London market CRO-related matters.

Development of a common view on the skills and knowledge required to fulfil the CRO role within a London market insurance business is also high on the group’s list.

The group will also examine the evolving regulatory requirements for CROs and champion best practice. Discussion forums to consider emerging and long-term risks will also feature in its programme.

GROWING IMPORTANCE OF CROs MERITS NEW GROUP

ttempts to modernise the placing process in London and introduce the supporting electronic processes necessary to improve access and efficiency have met with some success. But with the recognition that

to gain traction these process improvements have to start with placing brokers, the decision by several global brokers to collaborate in adopting a common electronic trading platform proved a game changer.

By way of a response, the LMA in collaboration with other market associations formed Placing Platform Limited (PPL) to explore adoption of a platform as a market utility. The aim is for PPL to deliver better value through collective purchase and through co-ordinated service management. Two participants from managing agents represent the LMA on the PPL Board.

The platform will extend electronic support for placing earlier in the business cycle, from quotations through to the binding of risks. The functionality to support this complex negotiation and track the developing process of quotation, offer and acceptance by multiple insurers is a priority. For simpler business, where the agreement of terms is less protracted, an electronic process opens up the market’s distribution channels to receive business not previously viable for London.

Inevitably there will be implementation and transition challenges. However, the market will benefit from improved customer service through increased speed of quotation, quicker completion of placement, and greater transparency in the placement process. In time, carriers will also benefit from the integration of electronic data into their underwriting systems.

Service provider Ebix was selected last year and the first class of business to be implemented will be Terrorism Binder declarations in November 2015. This will be followed by open market Terrorism business and possibly one other class in Q1 2016.

In order to ensure that the platform fulfils all users’ needs, the LMA has sought underwriters’ feedback during system development. Terrorism underwriters have worked with Ebix to enhance system functionality. This has led to significant improvements in the ability to quote business electronically, as well as continued input into ensuring that electronic binding of business takes place efficiently. Ebix is working to implement these enhancements and a common development roadmap is being created across the market. Input from underwriters in other classes of business will also be sought when required.

The approach has considerable advantages for carriers. These include the avoidance of considerable costs incurred in integrating with multiple placing systems rather than a single market utility.

Underwriters will benefit from an improved audit trail in respect of both risk presentation and contract negotiation. In the not-too-distant future, electronic placing will allow risk information provided by a broker to pass seamlessly (without rekeying) into a carrier’s system. This will make the data available for numerous underwriting and post-placement activities such as real-time aggregation analysis, regulatory returns and claims handling.

PPL OFFERS MAJOR BENEFITS TO LLOYD’S CARRIERS

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teve Morrell, LMA senior executive — legal and compliance, explains some of the implications of the new Senior Insurance Managers Regime (SIMR).

Although not as onerous as originally feared, the new regulations will generate significant work for firms in preparing for the 1 January 2016 implementation date. The SIMR has particular implications for certain senior managers and non-executive directors (NEDs), and will require significant input from Compliance and HR teams. Managing agents need to start reviewing their governance structures and reporting lines now in order to prepare appropriate governance maps and ensure that both new approvals and grandfathering applications are dealt with in good time.

The SIMR should enable regulators to better identify responsibilities and accountabilities within insurance firms and focus their attention on those individuals. For executive directors, it supplements the existing CF1 designation with a number of specific controlled functions, to which a range of prescribed responsibilities must be allocated.

For NEDs, a number of specific controlled functions will be allocated to those who perform roles such as chairman or chairs of certain board committees. However, NEDs not performing any of those roles may not require any regulatory pre-approval.

In addition, certain other senior managers, together with those responsible for the so-called Solvency II Key Functions, are also caught and, to a lesser extent, all those working within the Key Functions. This brings actuaries into the regulatory regime for the first time and, even if a firm outsources its actuarial function, it will be required to nominate someone in the organisation to take responsibility.

In terms of grandfathering (managers approved under the current regime moving into new roles without having to face re-approval), the regulators have been generous in their approach. The regulators have provided details of equivalent roles under the new regime, which should allow most controlled functions to be grandfathered.

HR departments need to understand the new regime as it will affect all stages of the employment life cycle, with particular requirements around the gaining and provision of employment references. Firms will also need to maintain robust HR procedures, including those relating to annual appraisals and role profiles.

A seminar for HR staff in the Lloyd’s market was jointly held by the LMA and City HR on 8 October to address the HR issues in greater detail.

Finally, the LMA welcomes the regulators’ commitment to rethink its approach to the revised application form to be used post-grandfathering.

Although we appreciate that regulators must gather information on

individuals, we ask them to adopt a proportionate approach that limits both the burden on firms and the intrusion on individuals.

THE RISE OF DRIVERLESS CARS

IMPLICATIONS OF THE NEW SENIOR INSURANCE MANAGERS REGIME

n LMA event in July examining the rise of autonomous and semi-autonomous cars gained considerable media coverage and sparked a debate on the impact of the technology on the motor insurance

market.David Powell, the LMA’s non-marine manager, outlined how advances

in vehicle technology will reduce private car ownership and change the characteristics of vehicle accidents.

Mr Powell said: “These vehicles mean fewer collisions taking place at lower speeds. Removing the driver removes eight-out-of-ten of the most common causes of vehicle accidents.

“Self-driving cars will trigger a decline in private ownership while also creating new models of car ownership. Why own a car when you can simply command one to pick you up and drop you at your destination?”

Discussing the liability implications, Mr Powell explained that liability was determined by who controlled the vehicle: “If a car cannot be driven by its occupant — for example, it has no steering wheel or controls — then it becomes a product liability issue. The occupant has no need for motor insurance, rather like a passenger in a taxi.

“If the car can be driven, the driver will require insurance protection, even if, at the moment of the crash, the occupant did not have his or her hands on the steering wheel. The difficulty will be the transition between the current system of motor insurance and the one that driverless cars demand.”

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AUTONOMOUS EMERGENCY BRAKING (AEB) WILL BE FITTED TO ALL NEW VEHICLES IN UK BY 2023.

SIMR IMPLEMENTATION TIMESCALES1 January 2016

• Managing agents must have governance maps in place.• New SIMF applications to use updated Form A.• Scope of responsibilities form must be submitted with new SIMF applications. 8 February 2016

• Managing agents must have submitted grandfathering notificationstothePRAandFCA(forSIFholders). 7 March 2016

• New conduct rules will apply to PRA and FCA approved persons.

WILL PIRATES MAKE WAVES IN 2016?

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he relationship between pirates and politicians has always been an uncomfortable one. Throughout history, political policies such as England’s decision in the late 1600s to prevent foreign ships

trading with its American colonies created a breeding ground for piracy as settlers’ wealth diminished. Privateers were effectively state-sponsored pirates and, when the suppression of piracy became a cause célèbre for Europe at the turn of the 18th century, it was because of piracy’s impact on governments’ finances. Suppression of piracy is a telling expression. History suggests that we can no more eradicate the crime than we can the common cold. The best outcome, given modern sensibilities, is to apply sufficient pressure to ensure that piracy is manageable. Today, the International Maritime Bureau in Kuala Lumpur consistently reports incidences of piracy around the globe’s tropical midriff. The headlines, documentaries and Hollywood’s Captain Phillips have come and gone, but it’s still there. Piracy is a crime born out of poverty, social inequality and lawlessness on land. Where there is opportunity and need, people turn to what crime they can execute with reasonable impunity. Piracy off Somalia is, superficially, being controlled, but all the conditions necessary for its re-emergence remain in place despite the efforts of EUCAP Nestor (a strengthening mission under the Common Security and Defence Policy to enhance the maritime capacities of five countries in the Horn of Africa and the Western Indian Ocean). The controls take the form of a three-legged stool: naval support, raised awareness and armed guards. Take one leg away and a stool collapses, so it’s significant that the navies will be reviewing their commitment at the same time as ship owners are reducing their use of armed guards. Vessels are also sailing closer to the African coast, which reduces journey time and therefore the cost of chartering the vessel. Looking at vessel tracks, a number of owners clearly think they are safe at 200 miles offshore, but that’s still well within the range of pirates previously prepared to venture as far as India. On Africa’s western coast, piracy off Nigeria and in the Gulf of Guinea is continuing and often violent. Unlike their Somali peers, these attackers focus on stealing cargoes — usually oil taken in a ship-to-ship transfer

— and/or kidnapping two to three crew members, taking them inland. It seems likely that this type of operation requires a certain degree of collusion with officials. Notably, the Nigerian authorities do not allow armed guards on ships, unless those guards are Nigerian. In Asia, Lloyd’s cargo market is acutely aware of a spike of activity in the South China Sea. Much of this activity is taking place outside the Straits of Malacca, the pirates’ traditional hunting ground. While the countries around the straits were compelled to take action some years ago in the form of radar surveillance and paying for patrols in the narrow straits, there is no corresponding and effective counter off eastern Malaysia. Interestingly, some commentators have suggested it was the Joint War Committee’s listing of the Straits of Malacca that prompted the authorities there to take effective action in 2005. Somalia does show some progress as things have improved since 2010. At the peak of piracy there, over 800 crew members and 28 vessels were being held hostage. But now international intervention has made the Indian Ocean much safer. The UK Marine Trade Operations Office in Dubai monitors and communicates the pirate threat, and a similar system is being set up in Accra to assist in the Gulf of Guinea. That’s the plus side of the equation. On the minus, hardly any of the criminal leaders have been prosecuted and ship owners’ unwillingness to release crew to be witnesses has not helped this state of affairs. Even with the options of armed guards, razor wire and water curtains, the best defence remains staying out of the pirates’ reach. The European Union is due to review its naval deployment in the Indian Ocean next year. If Operation Atalanta is reduced or closed and the US and international vessels withdraw, the success or failure of efforts on land in Somalia will become readily apparent. What lies ahead there and elsewhere is really anyone’s guess, but no-one thinks piracy is finished.

Piracy may not be making headlines but, according to the LMA’s Neil Roberts, the underlying causes are yet to be tackled.

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5,009 SEAFARERS WERE ATTACKED BY PIRATES IN 2014.

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he LMA’s widespread review of wordings to ensure compatibility with the new Insurance Act is a highly methodical programme. Timescales are tight, but the project is well under way, with the objective of completing revisions

to model wordings by April 2016.According to David Powell, the LMA’s manager for non-marine, the wordings

review has three distinct phases.Phase one, which has already been completed, was a ‘keyword search’ of Lloyd’s

Wordings Repository to identify LMA model wordings that could be affected by the Act.

Phase two, which is currently taking place, is the review of each flagged wording by the association’s relevant underwriting committees (or joint LMA/IUA committees where appropriate). The workload of committees varies considerably: some committees have only a handful of model wordings to consider whilst others have over one hundred. The committees are also being asked to collate non-LMA standard wordings in widespread use and to put the final list of wordings into priority order.

Finally, in phase three, amendments deemed necessary will be drafted and published.

Many of the clauses clearly need to be revised but others will remain unaffected by the Act.

David Powell said: “This project is the largest review of wordings at Lloyd’s since the Lloyd’s Wordings Repository was created in 2007. We are asking our underwriting committees to work through a number of criteria. Wordings that have fallen out of use or are not used in English (or other UK) law contracts will not be updated, and wordings that do need amendment will be put into priority order.”

The results of the LMA’s initial review (phase one) show that 250 wordings that were originally flagged up are considered ‘low priority’ and do not need reviewing in light of the Act. Conversely, 373 wordings are considered ‘high priority’, meaning they contain terms that are affected by the Act, and so will be reviewed. An example of clauses that will require amendment are the widely used wordings for fraudulent misrepresentation and fraudulent claims, to take account of the remedies under the Act.

Alison Colver, the LMA’s wordings manager, explained that there is pressure on the market to have the revised wordings in place in good time for when the Insurance Act takes effect on 12 August next year. She said: “In terms of a rough timeline, we need detailed feedback from our committees on the desired rewrites so that the whole drafting process can be completed by the end of Q1 2016. This will be no mean feat: redrafting is rarely a simple process.”

“In some cases the business panel members will prefer to redraft a model wording themselves; in others we will refer it to the LMA wordings forum to assist. In either case external counsel will be asked to advise and prepare drafts as appropriate. Some of the wordings, we know, are used generically across different classes, for example the model fraud clauses already mentioned. In other cases, we will be looking at ‘whole policy’ models for particular classes.”

The review process highlights the importance of the wordings forum for the market and the need to maintain world-class wordings skills and expertise.

INSURANCE ACT WORDINGS REVIEW ON TRACK

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INSURANCE ACT COUNTDOWNWith the Insurance Act coming into force on 12 August 2016, the LMA is considering what further activity would be helpful for managing agents in their preparations.

The Quick Reference Guide to the Act was published in August with some 1,000 copies being dropped on Boxes. The bulletin sending out the electronic version was opened over 15,000 times.

“This demonstrates the level of impetus there is in the market for getting things right under the Act,” says Kees van der Klugt, director of legal and compliance of the LMA. “We are now considering further ideas with members and LIIBA, for example, holding class of business workshops in Q1 2016 on wordings and protocols for underwriters and brokers together with their wordings experts.”

Kees added that the LMA would welcome feedback and also would facilitate further training within managing agencies, if this was desired.

here’s an awful lot about drone aircraft that the Lloyd’s market likes. They’re an emerging technology, they’re evolving rapidly, they’re undoubtedly a specialty line, and their uses are growing. Fast. Current

estimates suggest that global expenditure on drones could be worth up to $91 billion over the next ten years.

While Lloyd’s underwriters are already heavily involved in writing drone risks, the LMA’s Aviation Committee is taking a close look at the development of the regulation of these craft and has opened a dialogue with the leading aviation regulatory bodies internationally. The aim is to ensure that regulation does not create a demand for insurance covers that insurers are unable to provide. Currently, regulation of drones is unclear and lacks the major international accords that have been the backbone of global aviation regulation.

According to James Straker-Nesbit, the LMA’s aviation specialist, drones are a class of business that raises more questions than answers. He said: “Drones have automatically been treated as an aviation risk, but in reality that may not be the most appropriate class for all of them. There’s no one-size-fits-all approach to underwriting drones — and that needs to be reflected in the way they are regulated.”

To illustrate the point, James laid out some of the key differences between drones.

ROTOR-WING VERSUS FIXED-WING Drones with fixed wings like a traditional aeroplane need more space in which to take off, land and manoeuvre. They also have the ability to glide back to earth in the event of certain failure modes. Drones with helicopter-style blades are far less able to maintain altitude if they lose power but would have far greater manoeuvrability.

AUTONOMOUS VERSUS PILOTED Remotely Piloted Aircraft Systems (RPASs) are drones flown by a human

operator. These are the type of aircraft often used by the military and have featured heavily in the media. Autonomous Unmanned Air Vehicles (UAVs) are what Amazon has been trialling as a way of delivering products. These drones have no human operator once their destination has been programmed.

CIVIL VERSUS MILITARY Drones can be put to a multitude of uses, with new ideas and applications springing up almost daily. Licensing and testing will vary between the two sectors. Civil uses can also be split into commercial and consumer, which would potentially require differing treatment of operation similar to the current system for traditional piloted aircraft.

COMBUSTION ENGINE VERSUS ELECTRICALLY POWERED The two power systems create different risk profiles for the vehicles. Combustion engines require fuel tanks, for example.

“Fully autonomous drones are a difficult type for the market to categorise,” James explained. “Without an operator, are they an aviation risk, or do they fit more comfortably into a General Liability policy? It’s similar to the debate that’s taking place in the motor market on the subject of autonomous cars and trucks. If a fully autonomous drone crashed in normal flight, does the third party liability rest with the owner/operator or the manufacturer or even with the autonomous code programmer?”

The answers are still some way off. To get to them, the market may have to go through a transition phase while asking itself some searching questions. In the meantime, the LMA’s Aviation Committee will continue its programme of meeting the world’s key aviation regulators in order to come to a hard — or, hopefully, soft — landing.

OASIS SOLUTIONS PROJECT UPDATErogress continues to be made on the Oasis Solutions Project (OSP). With the help of law firm Bristows and input from in-house lawyers at managing agents, legal contracts to enable managing agents to test

the ARA model on the OASIS platform with their own data have been agreed and signed.

The project evaluation phase has been extended to the end of October, due partly to delays in finalising the legal agreements and in setting up the data centre so that the 26 OSP participants can each have two test days to evaluate the models.

Technology workshops for IT teams and training for individual managing agents took place in August. Connectivity testing has also been carried out to ensure that managing agents can access the Oasis software and Hurloss model from their offices.

An initial market planning meeting was held at the beginning of September to provide managing agents with the overall project plan for September and October. Model evaluation questionnaires have been issued to the market for completion by 23 October. A final evaluation market meeting will then be held at the end of October.

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GAME OF DRONES

James Straker-Nesbit, underwriting technical executive, talks to us about the highs and lows of underwriting drone aircraft.

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he degree of risk posed by cyber attack to each class of business written in the Lloyd’s market is to be mapped by the LMA, working in conjunction with managing agents and in support of the Corporation’s

performance management directorate (PMD). The aim is to produce a heat map — highlighting perceived greater and

lesser areas of exposure to cyber attack — for every one of the LMA’s class of business panels and committees.

The move comes on the back of director of performance management Tom Bolt’s letter to managing agents on the need for greater clarity around the potential for losses arising from cyber attacks.

Mel Goddard, the LMA’s market liaison director, said: “The LMA has done a considerable amount of work on cyber exposures and wordings over the last year, on which we will be able to draw for this piece of work. Our mapping of cyber risk will take into account the use of exclusions by the market.

“We will also be working closely with Lloyd’s PMD to ensure we produce a product consistent with their further needs.”

The LMA’s assessment will be submitted to PMD by the end of November.Tom Bolt’s letter requires managing agent boards to sign off and submit

by 31 March 2016 their syndicates’ specific risk appetites for cyber-attack business for all policies in force from 31 December 2015.

arket practitioners gathered at an LMA drop-in event on 7 October to hear the latest on a suite of binding authority enhancements to ECF2, the market’s electronic claims system

being rolled out from September next year. Underwriters and brokers heard from project teams drawn from both

the market and Xchanging who have worked on the upgrades.Binders represent the largest volume of claims that are currently

outside the scope of ECF. While workaround solutions are available to handle co-lead and master cover claims, it has been acknowledged that these are difficult to manage through ECF and is a problem that adversely affects claim handling and response times.

Further complexities have been created by limitations on the ability to identify the component parts of binder claims – for example: the bordereau claim; individual outside authority claims; cash losses; and loss funds.

The binder enhancements address these points by providing new functionality to brokers and carriers via ECF, IMR and Write-Back services.

These enhancements will improve the handling of co-lead claims and master covers, handling of out-of-sequence cash losses and will better manager the relationships between unique claims references (UCRs) — a technique known as ‘electronic rubber banding’.

Lee Elliston, the LMA’s senior technical executive and ECF user group chairman, said: “These enhancements are going to deliver very considerable changes to the market. Both brokers and carriers will gain a mass of new functionality that will boost efficiency, accuracy and speed.

“The move to handling claims electronically has been a long time coming, but the introduction of grouping and rubber banding, the efficiencies that will be gained from the improved process, and the extra data and reporting that will be available will deliver clear benefits. As a result, only a very low percentage of claims will be outside the scope of ECF.”

Full details of all the changes are detailed on the ECF website at www.ecfinfo.com.

LMA TO MAP CYBER ATTACK EXPOSURE

ECF BINDER IMPROVEMENTS IN THE PIPELINE

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small improvement to ECF2 is set to have a big impact on the landscape of the market’s electronic claims systems.

The arrival of Claims Awaiting Action (CAA) paves the way for the decommissioning of ECF1 and will become available to users in February 2016. This function is used widely by both Lloyd’s and IUA carriers in ECF1 and CLASS. Its introduction to ECF2 will help to reduce the reliance of legacy systems such as CLASS and ECF1.

These changes have a significant impact on the predecessor system

ECF1. Once CAA functionality is available within ECF2, the user group has agreed that ECF1 will be decommissioned from June 2016. The reason for this is that, in light of enhancements to ECF2, the cost of maintaining and enhancing legacy systems whilst the market is funding modernisation has become too great.

ECF1 users have another nine months to plan their migration to ECF2 or Write-Back.

Further information is available on the ECF website at www.ecfinfo.com.

ECF2 UPGRADE REMOVES NEED FOR ECF1

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CURTIS TAKES SENIOR LMA POST

Ken Curtis, formerly group chief financial officer of Chaucer Holdings and managing director of Barbican Managing Agency at Lloyd’s, has joined the LMA as its director of finance and risk. In his new role, he is responsible for the work of the Finance, Solvency II and Chief Risk Officers committees as well as their related sub-committees and working groups.

DELEGATED AUTHORITY OPERATIONS COMMITTEE (DAOC) ELECTION RESULTS

Following a ballot in August, Katie Bradbury of Beazley Furlonge and Colin Passingham of R&Q have been elected to the DAOC with effect from 1 September 2015 for a two-year term.

LMA RESPONSE TO FCA CONSULTATION ON VALUE MEASURES

The LMA has responded to the FCA’s Discussion Paper on Value Measures. This, along with all LMA consultation responses to regulatory initiatives, can be found on the LMA’s website: www.lmalloyds.com/legalconsultations.

s the Lloyd’s market strives to maintain and develop the technical skills and knowledge that form the backbone of its global expertise, the demand for technical training from the Lloyd’s Market Association’s

LMA Academy is increasing year on year.During the first nine months of 2015, over 5,000 market practitioners

attended courses and seminars organised by the Academy, the highest number since its formation in 2005. The Academy’s foundation programmes and masterclasses are fully subscribed and are selling out at record speed.

Charlotte Myers, director of the LMA Academy & market talent development said: “We’re delighted with the way in which our programmes are being embraced by the market. I think much of the reason for that is that we spend a lot of time consulting the market on its training and development needs so that we can create bespoke programmes appropriately.

“Interestingly, we’re also seeing an increase in the number of requests from brokers to attend Academy programmes. Our plan is to invite them to attend more sessions in 2016, where possible, which will help accommodate their learning needs.”

For 2016, the Academy will be offering a number of new initiatives developed with managing agents including:

• Introduction to Regulation half-day workshop• US Tour to California and Texas aimed at young claims professionals from managing agents and broking companies• a seminar on the business case for climate change run in conjunction with Lloyd’s• the very popular week-long Inspirational Leadership Programme will also be run for future leaders in conjunction with Saïd Business School.

To find out more about training and development offered by the LMA Academy, visit: www.lmalloyds.com/academy.

NEWS IN BRIEF

LMA ACADEMY SEES GROWTH IN TAKE-UP

A LMA OUTLINES U35s’ AGENDA FOR AUTUMN

ix months after over 350 of the market’s young professionals gathered at an LMA event to hear about the challenges facing the London insurance market, the association is working with senior

figures in Lloyd’s to ensure the views of under-35s are fully represented. Amy Stringer, the LMA’s senior communications executive who is leading its young professionals initiative, stressed that the association is committed to engaging with the market’s younger employees. “We’ve been representing their views and feedback to the London Market Group so that they can be taken into account in the market’s response to the London Matters report,” she said. “We are currently in discussion with the Corporation of Lloyd’s about how we can get young professionals involved in the Target Operating Model (TOM) project. This is about making the market’s processes more efficient by using technology to help streamline the approach, and who better placed to input to this work than young professionals who have grown up using technology.” A presentation about TOM, what this means for young professionals and how we’ll be engaging with them in the coming months took place on 13 October in the Willis Auditorium. This is open to anyone working in the Lloyd’s or London market who is keen to understand the impact this will have on the market. As part of our young professionals project, we will also be hosting our annual ‘Senior Leader Insights and Meet the Committee Fair’ on 18 November. Mike McGavick, CEO at XL Catlin, will be talking to attendees about his career, what he’s learnt and top tips for those just starting out. This will be followed by networking drinks and a chance for attendees to meet representatives of the market’s 14 young professional groups. For more information on these and other events for the market’s under-35s, visit www.lmalloyds.com/youngprofessionals.

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