The London Market Group (LMG) announced the launch of London Insurance Market Operations & Strategic Sourcing (LIMOSS) led by Patrick Molineux as managing director.
LIMOSS has been established to source and manage the portfolio of market services which the London insurance market has built as it modernizes its processes.
“Modernization is one of the four LMG workstreams and is focused on making London an easier place to do business,” said Chris Beazley, CEO of LMG. “The market services that will deliver on this goal need a professional organization to source and manage them, and LIMOSS will provide just that.”
“As the London market moves from building market services through the London Market Target Operating Model (LMTOM) to running them for the benefit of carriers and brokers, it needs a single permanent team to define and execute its sourcing strategy, oversee the services, manage the service providers and liaise with carriers and brokers,” said David Bendle, COO of Chaucer and chairman of LIMOSS.
“We are delighted to have Patrick [Molineux] on board to build and lead the team. His 30 years’ experience of insurance IT and business process services, as well as his time with CSC where he oversaw the acquisition of Xchanging, is invaluable in establishing LIMOSS and shaping how it can source and operate these key market services,” Bendle added.
“The market services, which the London market has and will develop, offer a tremendous opportunity for London to lead the world in commercial insurance and re/insurance technology, as well insurance product innovation,” commented Molineux.
“Automation of basic processes and the connection of diverse systems will free London’s insurance experts to focus on the value-adding activities such as face-to-face negotiation that make London unique,” Molineux continued.
“Whether the services are around placing, data or messaging, LIMOSS’ objective is to build a team with the right skills to get the best from service providers and deliver a high quality service to the brokers and carriers for whom these services will be increasingly important,” he said.
The LMG is a market-wide body, bringing together the specialist commercial re/insurance broking and underwriting communities in London. It is supported by the International Underwriting Association of London (IUA), Lloyd’s of London, the Lloyd’s Market Association (LMA) and the London & International Insurance Brokers’ Association (LIIBA).
Source: London Market Group