Sheila Cameron, CEO of the Lloyd’s Market Association (LMA), sat down with Mike Keating to discuss the trade body’s key areas of focus for the rest of 2024, and how this will impact the market going forward.
Getting the market ready for Blueprint Two
Sheila’s main focus for the rest of this year, as for many in the London market, is the safe and successful implementation of Blueprint Two, which, she explained, is vital if the market is to modernise and move forward. “There are some very old systems being used, some from the 80s and 90s, and they do absolutely need to be replaced and upgraded if we’re ever going to digitize this market properly.”
Sheila cautioned, however, that such a large undertaking comes with an equivalent level of risk, explaining that with phase one of Blueprint Two expected to be implemented this July, her first focus will be to ensure the new back office systems work effectively, that those using it have been adequately trained, and that the July switchover will be as safe as possible, without disruption to claims processes that could directly impact customers. After all, she added, “No matter what happens, we must make sure we continue paying claims to our clients”.
Attracting new talent to the market
Sheila’s second priority is to work on expanding the talent pool available to the London Market, making it easier for those from other areas of financial services to enter Lloyds, as well as promoting insurance as an attractive career proposition to young talent.
Through its Academy, the LMA plans to offer a “Conversion Course,” providing those from the accounting sector with the opportunity to learn all they need to know about Lloyd’s before entering the market. Sheila also said the Association will be offering in-depth courses at a more technical level for Managing Agents, as well as looking at how its members can better encourage those coming out of school or university to pursue a career in the London market.
Regulation
The LMA’s final point of focus is regulation, in particular, working with the FCA to identify a definition of ‘consumer’ that allows for a more proportionate regulatory approach, especially when applied to the specialty marketplace. Sheila added that it is also lobbying the PRA to ensure the best possible outcome for its members during the move away from EU-led Solvency II regulations to the UK Government’s separate ‘Solvency UK’ scheme.
She explained: “The Lloyd’s market is very internationally focused, with over 50% of our business coming from North America, so having yet another regulatory regime can be challenging, but there are also some benefits to it too”.
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