Target Operating Model Blueprint released
Shirine Khoury-Haq announced details of the Blueprint for the London Market Target Operating Model (TOM) at a speech at the London Market Group Forum
The Blueprint sets out for the TOM what each individual solution delivers, what the cost will be and with which benefits. This will enable the market to decide which solutions it wants to proceed with and the timescale expected.
The Blueprint follows PPL going live earlier this month and the implementation of the first phase of CSRP, which allows premiums to be submitted electronically.
Shirine Khoury-Haq, Director of Operations at Lloyd’s and sponsor of the TOM said:
“The Blueprint helps us to understand the architecture of the overall programme, review current initiatives to confirm that their priority status is still valid and provide a set of solutions that gives the market choices.
“The Blueprint has been developed so that the solutions are modular, so the market can decide what to implement and over what timeframe, balancing the expected investment against benefits. The market will realise significant benefits even if it only implements the four priority initiatives currently in progress. If the market decides to proceed with the other solutions defined in the Blueprint, it can select which ones are most relevant at that time.
“We are publishing a set of outputs on the isupportTom website so that underwriters and brokers can have access to the information they need. Each solution contains costs and benefits – and the total cost is £270 million. This includes the full costs of the software for PPL, which were budgeted outside the TOM when we first developed our estimates in 2015. If you remove that element, the total cost is below the original £250m.”
Read Shirine Khoury-Haq's full speech