LMA ‘sharply focused’ on supporting market’s transformation

The Lloyd’s Market Association (LMA) has published its Member Manifesto, which announces its strategic priorities for 2023.

Sheila Cameron, CEO of the LMA, said 2023 is set to be the culmination of years of effort in the Lloyd’s market, and that momentum must continue where market modernisation is concerned.

“We cannot stop here; it is critical that we remain sharply focused on supporting and delivering the market’s transformation programme.

“In profound ways, the industry is now tackling the challenges of modernisation head-on, and we are passionate about doing the same, whether it be through diversity and inclusion initiatives that are transforming the workplace, through technological solutions that are creating value for our members, or through the skills and technical excellence we are providing at the LMA Academy.

Set by the LMA board, the Manifesto will steer the association’s agenda for the upcoming year: 

• The LMA will continue to promote and support members’ alignment with Future at Lloyd’s initiatives, supported by DXC technology. This will leverage standards and processes agreed by the Data Council, chaired by LMA’s CEO Sheila Cameron, as the LMA seeks to foster a truly digitised marketplace. This includes the adoption of a unified claims vision, and optimisation of the market’s delegated authority business processes and practices.

• The LMA will continue its drive to expand and build on the market’s technical expertise. With particular focus on ESG, the LMA will work with managing agents to ensure the ESG data, reporting, and oversight regime Lloyd’s intends to adopt is credible, practical, and measured. The LMA will also work closely with its members to reinforce the market’s technical expertise, particularly in systemic cyber, climate litigation, renewable energy, product simplification and international wordings.

• The LMA will support market-wide regulatory engagement, with market regulators, EIOPA, Lloyd’s and HM Government. It will also continue to partner with Lloyd’s on the collecting, collating and reporting of market data.

• The LMA Academy will continue to provide its members with market-leading technical training programmes. This includes developing and delivering an ESG training programme, working with Lloyd’s on the evolution of claims training, and developing a new programme to attract claims talent. The LMA will also be expanding the wordings legal trainee programme, developed in 2022.

• Member engagement remains at the core of the LMA’s mission. Reinforcing the brand and reputation of the market, culture, talent attraction and retention, and the LMA Charter, launched in October last year, will continue as key focus areas.