The Voice of Insurance

Ep253 Sheila Cameron LMA: Stick to your Values

May 13, 2025
Sheila Cameron, Chief Executive of the Lloyd’s Market Association, discusses the LMA's priorities amidst significant leadership changes at Lloyd’s. She highlights the need for technological and cultural reforms, emphasizing better digitization and data management. The conversation dives into the challenges and opportunities of innovation in insurance, including the push for diversity and accountability in leadership. Sheila's insights on navigating change and promoting inclusive practices are vital for anyone interested in the future of the insurance market.
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INSIGHT

Data Submission Challenges

  • The market submits multiple types of data separately, leading to inefficiency.
  • Lloyd's should define necessary data and receive it as output for easier access and analysis.
ADVICE

Promote Voluntary Data Standard Adoption

  • Encourage firms to adopt the global GRLC data standard voluntarily.
  • Mandates are undesirable; the standard's benefits should drive adoption naturally.
INSIGHT

Blueprint 2 Complexity Explained

  • Blueprint 2 is a critical back-office re-platform to meet regulatory operational resilience and enable digitisation.
  • The complexity is massive with £120 billion transactions and 300 million messages annually.
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