Target Operating Model (TOM)
The London Market Target Operating Model (TOM) is a core component of the market modernisation proposal, set out by the London Market Group (LMG), to make it easier to do business in the London market, locally and globally.
"Any further process model should support both face-to-face and entirely electronic trading; it should aim to deliver benefit to all practitioner firms; and it must be aimed at preserving the benefits that a subscription market delivers."
Shirine Khoury-Haq, Director of Operations, Lloyd's
The TOM is being delivered by the London Market Group, an association of associations, which itself is made up of the International Underwriting Association (IUA), the London and International Insurance Brokers Association (LIIBA), the Lloyd’s Market Association (LMA) and Corporation of Lloyd’s.
There are two principles at the heart of TOM:
- One touch data capture, in a common, global digital format, whereby data is entered only once, on behalf of all carriers and brokers, reducing risk of error and costly re-entry in multiple formats.
- Centralised administration and non-competitive services, allowing insurers and brokers to concentrate on their key business objectives.
