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Monday 16 April 2018

London Market Group launches Strategic Sourcing unit

LMGThe London Market Group, which supports the commercial (re)insurance broking and underwriting communities in London, has launched the London Insurance Market Operations and Strategic Sourcing (LIMOSS) unit. LIMOSS’s objective is to source and manage the portfolio of market services on which the London Market depends and to provide a clear flightpath as the sector modernises, digitalises and keeps pace with new regulation.

Head of this unit is Patrick Molineux, former head of the CSC Insurance team who brings a huge amount of experience to this important role. Patrick and his team in LIMOSS will be working with the major service providers to ensure the cost-effective and quality provision of shared services to the community of users, increasing the degree of automation and coordination across a range of diverse systems.

The London Market Group has been working hard to accelerate the transformation of the insurance market in terms of increasing efficiency and agility and lowering the cost of commodity functions through its Target Operating Model approach, (see our report “The role of BPS in Transforming the London Insurance Market”).

The creation of LIMOSS is another major step forward. As a result, we would expect a much greater level of coordination with the service provider community and a significant broadening of the use of shared services within the wider commercial (re)insurance sector. This should in turn ensure that users will be able to more effectively access new technologies (such as the Internet of Things and AI) and scale-advantaged processes. As this area of the insurance business strives to retain its pre-eminent competitive position, the creation of LIMOSS will be particularly important as global competition intensifies and as the sector copes with ever more stringent regulation and the likely disruption of Brexit.

Posted by Peter Roe at '09:26' - Tagged: platformbased+bps   bps   insurance   regulation   brexit  

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