{"id":10014,"date":"2025-05-16T06:23:33","date_gmt":"2025-05-16T06:23:33","guid":{"rendered":"https:\/\/www.advantagego.com\/en-us\/?p=10014"},"modified":"2025-05-16T06:23:35","modified_gmt":"2025-05-16T06:23:35","slug":"voi-podcast-with-sheila-cameron-ceo-of-lma","status":"publish","type":"post","link":"https:\/\/www.advantagego.com\/en-us\/content\/voi-podcast-with-sheila-cameron-ceo-of-lma\/","title":{"rendered":"Cultural reform and digitisation remain top priorities \u2013 LMA\u2019s Cameron"},"content":{"rendered":"\n<p><iframe title=\"Ep253 Sheila Cameron LMA: Stick to your Values\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?from=embed&amp;i=s3gnr-18a7a0f-pb&amp;share=1&amp;download=1&amp;fonts=Tahoma&amp;skin=3267a3&amp;font-color=auto&amp;rtl=0&amp;logo_link=episode_page&amp;btn-skin=1b1b1b&amp;size=150\" loading=\"lazy\"><\/iframe><\/p>\n\n\n\n<p><strong>Leadership transition at Lloyd\u2019s must maintain performance, embrace digitisation and continue cultural change, all of which are essential for the market\u2019s future, Sheila Cameron, CEO of the Lloyd\u2019s Market Association, tells the Voice of Insurance podcast.<\/strong><\/p>\n\n\n\n<p>As Lloyd\u2019s of London welcomes a new executive team, Sheila Cameron, chief executive of the Lloyd\u2019s Market Association (LMA), says the biggest task ahead is to consolidate progress while ensuring the market remains fit for the future.<\/p>\n\n\n\n<p>\u201cThe LMA exists to make the market a better place \u2013 for our members and for the market as a whole,\u201d Cameron said, speaking on the latest episode of the Voice of Insurance podcast.<\/p>\n\n\n\n<p>\u201cRight now, our focus is on managing leadership transition, ensuring calm and continuity, and keeping sight of what we\u2019re here to do: provide the best possible solutions for clients,\u201d she said.<\/p>\n\n\n\n<p>The handover at the top of Lloyd\u2019s comes at a time of market strength, she emphasised, but also amid ongoing pressure to modernise systems and tackle longstanding cultural issues.<\/p>\n\n\n\n<p>Cameron, who has led the LMA, representing Lloyd\u2019s the 55 managing agencies in her role since 2019, said that performance must remain paramount.<\/p>\n\n\n\n<p>\u201cFirst and foremost, we have to protect what\u2019s working \u2013 the strong performance focus, the move to outcomes-based regulation through the principles for business oversight, and the cultural improvements we\u2019ve seen since 2019,\u201d she said.<\/p>\n\n\n\n<p><strong>Innovation and risk appetite<\/strong><\/p>\n\n\n\n<p>Cameron said she wants the incoming leadership at Lloyd\u2019s to bring clarity to the <a href=\"https:\/\/www.advantagego.com\/en-us\/content\/how-should-insurers-address-risk-engineering-amid-shifting-risks\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.advantagego.com\/en-us\/content\/how-should-insurers-address-risk-engineering-amid-shifting-risks\/\" rel=\"noreferrer noopener\">re\/insurance market\u2019s risk appetite<\/a>. That includes greater transparency around delegated authority business \u2013 managing general agents (MGAs), also known as Lloyd\u2019s coverholders \u2013 and the role of broker facilities.<\/p>\n\n\n\n<p>\u201cWe know about 40% of Lloyd\u2019s premium comes through delegated authority. But is that the right number? Should it be 90%, or 9%? Let\u2019s have that conversation,\u201d she said.<\/p>\n\n\n\n<p>Capital innovation should also remain a focus. \u201cLondon Bridge 2 and modified tenancy rights have already brought in new capital,\u201d she said. \u201cNow we need to explore where else we could go with this.\u201d<\/p>\n\n\n\n<p>On digitisation, Cameron called for a more modern approach to data provision. \u201cWe submit dozens of reports into Lloyd\u2019s every year. Why not give them access to a data room and let them take what they need?\u201d she asked. \u201cWe want Lloyd\u2019s to be a recipient of output, not a prescriber of input.\u201d<\/p>\n\n\n\n<p>She acknowledged progress on standardisation had been mixed, despite the adoption of the ACORD Global Reinsurance &amp; Large Commercial (GRLC) data standard.<\/p>\n\n\n\n<p>\u201cWe\u2019ve seen early adopters already benefitting, and I\u2019d like to see more. But we shouldn\u2019t need a mandate \u2013 the case should stand on its own merits,\u201d she said.<\/p>\n\n\n\n<p>\u201cInteroperability only happens when we speak the same language, and the GRLC standard is that language.\u201d<\/p>\n\n\n\n<p><strong>The challenge of Blueprint Two<\/strong><\/p>\n\n\n\n<p>Cameron defended the <a href=\"https:\/\/www.advantagego.com\/en-us\/content\/lloyds-blueprint-two-delaying-phase-2-was-a-positive-step\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.advantagego.com\/en-us\/content\/lloyds-blueprint-two-delaying-phase-2-was-a-positive-step\/\" rel=\"noreferrer noopener\">delayed rollout of the Blueprint Two digital transformation project<\/a>, saying it must be delivered safely to avoid disrupting the market.<\/p>\n\n\n\n<p>\u201cSome of the systems we\u2019re replacing are over 30 years old. The operational resilience demands from regulators mean we don\u2019t have a choice,\u201d she said.<\/p>\n\n\n\n<p>Blueprint Two is \u201cbookended\u201d, she said, by regulatory pressure at one end and the desire to digitise the market at the other.<\/p>\n\n\n\n<p>\u201cThis is not easy. We\u2019re talking about \u00a3120bn in premium and claims transactions a year, 300 million messages, and 100 million documents\u2026This is a once-in-a-generation transformation.\u201d<\/p>\n\n\n\n<p>Cameron confirmed that internal testing at Velonetic, the technology partner of Lloyd\u2019s for Blueprint Two is underway, with market-wide testing due to follow later this year. She stressed the importance of reaching a point where \u201cwe can still pay claims the day after we turn these systems on.\u201d<\/p>\n\n\n\n<p><strong>Culture and inclusion<\/strong><\/p>\n\n\n\n<p>Cameron was candid about the state of cultural reform in the Lloyd\u2019s market, saying leadership intent is the key to progress.<\/p>\n\n\n\n<p>\u201cIf your CEO doesn\u2019t want to change the culture, ask them why not,\u201d she said. \u201cThis is about talent \u2013 attracting the best people to our market. If we don\u2019t reflect society and our client base, we won\u2019t get the best talent.\u201d<\/p>\n\n\n\n<p>She cited recent Lloyd\u2019s statistics showing a decline in female representation among the next generation of CEO candidates.<\/p>\n\n\n\n<p>\u201cLast year 18% of that pipeline was female. This year it\u2019s 15%. We\u2019re going backwards.\u201d<\/p>\n\n\n\n<p>She also pushed for better handling of misconduct cases, with an emphasis on fairness, transparency and lessons learned.<\/p>\n\n\n\n<p>\u201cAnyone who says they don\u2019t know what bad behaviour looks like is kidding themselves,\u201d she said. \u201cWe need processes that encourage people to speak up, protect victims, and ensure fairness to all involved. And we need to learn from every case.\u201d<\/p>\n\n\n\n<p>Asked whether full digitisation and cultural maturity were finally within reach, Cameron replied: \u201cWe\u2019re inconsistent. Some firms are brilliant. Others have a long way to go. But when the leadership intent is there, it happens.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Leadership transition at Lloyd\u2019s must maintain performance, embrace digitisation and continue cultural change, all of which are essential for the market\u2019s future, Sheila Cameron, CEO of the Lloyd\u2019s Market Association, tells the Voice of Insurance podcast. As Lloyd\u2019s of London welcomes a new executive team, Sheila Cameron, chief executive of the Lloyd\u2019s Market Association (LMA), [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[19,26],"tags":[10,14],"line-of-business":[20,28],"class_list":["post-10014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcasts","category-latest-insights","tag-exposure","tag-underwriting-workbench","line-of-business-property","line-of-business-general-liability"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/10014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/comments?post=10014"}],"version-history":[{"count":0,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/10014\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media\/6594"}],"wp:attachment":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media?parent=10014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/categories?post=10014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/tags?post=10014"},{"taxonomy":"line-of-business","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/line-of-business?post=10014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}