002: What role does the Lloyd’s Market Association play in the London insurance ecosystem with Sheila Cameron
In this episode, we are incredibly pleased to be speaking with Sheila Cameron, CEO of the Lloyd’s Market Association. The LMA plays a crucial role in the London insurance landscape, representing all the insurers in the marketplace and constructing communities to lobby for the best interests of its members. Throughout the episode, Sheila highlights her aspirations for the LMA across 2024, namely the smooth implementation of phase one of Blueprint Two, to facilitate the full digitisation of the market.
Furthermore, she notes the importance of collaborating with the FCA to establish a new definition of ‘consumer’ as it applies to the specialty market, to achieve more proportionate regulatory measures. Additionally, Sheila pinpoints a need for deepening education both within the Lloyds market, to broaden the sharing of knowledge across different departments and roles, and to those external to insurance. It is becoming increasingly crucial to actively promote our industry to school leavers and university graduates, and to do so we must consider how to translate what we do into something that’s digestible and attractive to prospective new talent.
Quote:
“We're here to make our market a better place, both for the individual members and for the market as a whole. And we do that through a technical expertise created through bringing together communities of interest to lobby for the approach that they believe in.”
“[With regard to digitisation,] other industries have moved forward at pace… all that’s happening now is trying to move the market forward. Will everything be pulled off perfectly all the time? Of course, it won’t. But, you know, we’ve got to try, and we’ve got to start to move forward… Our clients won’t accept having to rely on paper documents. We wouldn’t accept that from our own banks, would we?”
Resources:
MGAA: https://www.mgaa.co.uk/
Lloyd's Market Association: https://www.lmalloyds.com/
London Insurance Life: https://londoninsurancelife-lmg.com/
Blueprint Two: https://www.lloyds.com/about-lloyds/blueprint-two
About the Guest:
Sheila Cameron is the CEO of the Lloyd’s Market Association. She was appointed to this role in 2019, having previously held senior positions at Hiscox.
Sheila’s LinkedIn Profile: https://www.linkedin.com/in/sheilamcameron/
About the Host:
Mike's extensive expertise in the insurance sector has allowed him to witness and adapt to the dynamic shifts within the industry. Throughout his 40 year career, he has navigated the traditional realms of insurers, brokers, and MGAs (Managing General Agents) across both Commercial and Personal Lines markets.
He has held Executive positions at AXA, Midas, UK General and most recently Insurtech start up Qlaims before becoming Chief Executive Officer at the MGAA in September 2020.
Mike is excited about the new MGAA podcast series, which aims to showcase key figures in the UK insurance industry and beyond, providing insight into the challenges and opportunities that the MGA industry encounters.
Create your
podcast in
minutes
It is Free