The Lloyd’s Market Association has this week unveiled its priorities for the year. Announced in its 2024 Strategic Focus, the LMA will be focused on innovation, technical expertise, regulatory engagement, talent development and member engagement.

The LMA aims to actively promote managing agent readiness for Blueprint Two, emphasising phase one and phase two Velonetic changes. This includes ensuring a robust testing and assurance framework for Velonetic go-lives. Through the Data Council, the LMA will drive the adoption of a digitised open market and develop a computable binding authority contract.

The organisation will focus on delivering supporting technical expertise for development of model wordings; collaborate on reserve benchmarking processes; and drive thought leadership on AI, data-driven decision approaches, simplified market reporting and sustainability.

Sheila Cameron, CEO of the LMA, said: “Our 2024 objectives reflect our commitment to positive change, technical excellence, innovation and continuing to support managing agents in the Lloyd’s market. The year ahead will be one of vital change within the Lloyd’s marketplace and I am proud that the LMA can continue to empower our members as we navigate new challenges and exciting opportunities.”

To support managing agents, the LMA will assist in the rollout of the market data collection and reporting project, evolve the underwriting and capital planning model and engage with Lloyd’s commercial strategy. The association will articulate a data-driven, three-year delegated authority strategy and influence Lloyd’s ESG strategy.

On regulatory policy, the LMA plans to implement a focused engagement strategy with Lloyd’s, LIC, FCA, PRA, EIOPA and the government, with the Consumer Duty and engaging with the regulators’ efforts to implement the secondary competitiveness objective amongst the key anticipated focus areas. The organisation will also be collaborating with interested parties on the expected review of the Insurance Distribution Directive and generally promoting members’ interests to regulators.

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