The survey, conducted by international accounting and advisory firm Mazars, is based on responses from 28 managing agents representing approximately 50% of the Lloyd’s market.
A majority of respondents believe that the introduction of the Lloyd’s Market Coverholder Audit Scope (LMCAS) has improved the quality of audits of coverholders by managing agents and expect this to continue on an upward trajectory.
The key findings of the survey include:
- 83% of respondents feel that the new risk-based audit scope will improve the quality of audits;
- 83% of respondents feel Lloyd’s voluntary Audit Information Management System (AiMS) will improve the audit coordination process;
- 62% of respondents will be using AiMS for their ‘singleton’ instructions; and
- 79% of respondents will be using AiMS for their TPA instructions.
Paul Brady, Lloyd’s Head of Policyholder and Third Party Oversight, said:
“We are delighted that the work of the Lloyd’s Delegated Authority team has been recognised by Mazars’ survey. AiMS and other digitalisation projects – under the banner of the London Market Target Operating Model (TOM) – are driving market efficiencies which are enabling staff to focus their time on more value added activities, making London an even better place to do business for coverholders.”