The Blueprint was officially launched today
In a speech about today’s launch of the TOM Blueprint – a programme outline for TOM – Lloyd’s director of operations and sponsor of the TOM Shirine Khoury-Haq said past efforts by the LMG had failed because the market hadn’t acted in a unified way.
“The TOM needs all of you to get behind it – a real collaborative effort. And that is why we have spent a lot of time listening, working with your associations and getting feedback.”
He added: “We can only deliver the programme if you believe in it and support us.”
The Blueprint has been six months in the making, and was reviewed on 11 July by the London Market TOM Steering Board, which launched six months ago.
The Blueprint provides the overall programme for TOM as well as the cost and benefit analysis for each individual solution.
Khoury-Haq 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 outlines a set of further solutions that gives the market choices.
Khoury-Haq outlined that solutions were modular in the Blueprint “so the market can decide what to implement and over what timeframe, balancing the expected investment against benefits”. Khoury-Haq also stated that the market will “realise significant benefits even if it only implements the four priority initiatives currently in progress”.
According to the Blueprint, the central cost for TOM would be £270m.
Global Reinsurance will be holding a Breakfast briefing entitled “innovation in the London Market” on 22 September in London. Click here to find out more and register.