For those involved with TOM it is easy to align yourself with the innovative and open mind set that aligns with our purpose of securing a positive future for our industry.
HOWEVER – it has recently been brought to my attention that there are still a large number of people working within Insurance in London who are not even aware TOM exists! And for those that are aware they might not know the full reason for its existence and what it is striving to achieve…
Questions such as:
What is the need for Tom?
What is the need for change when London is reputed to have the largest capacity and knowledge for underwriting risks in the entire world?
Why change something that works already?
The answer is simple – London’s position as the centre of insurance is threatened.
The Current Operating Model of Lloyd’s is largely inefficient; slow; paper based; inflexible; complicated and fragmented.
The Target Operating Model (TOM) is aiming for a highly effective and accessible platform, economies of scale for common activities and improved data handling.
How will this be achieved? Through the principle of one touch data capture and enhanced central services.
I feel it is important to stress that TOM is not trying to fix or change what we already have in place exactly; the aim is to innovate, educate and build towards a better future! ‘Before we were trying to fix the past, not secure the future’.
KPMG conducted a survey last year that to summarise; labelled innovation as 'imperative' to not just have the potential for enhancing current business, but more so to survive...
Insurers and intermediaries can no longer do ‘more of the same’ and expect to grow. Technology and innovation have created a new world of opportunity for individuals, businesses and society. The reality is that customers, investors and employees demand innovation. Indeed, they expect it, not only from technology providers and device manufacturers, but also from insurance organizations.