Principles of operation

Principles of operation

LIMOSS serves Lloyd's, IUA, LMA and LIIBA members, directed by Market Service owners and committees. The company operates as transparently and as simply as possible, making it easy and straight forward for customers to adopt Market Services.

Customer focus

  • LIMOSS may serve Lloyd's, IUA, LMA and LIIBA members directed by Market Service Owners and committees.
  • While protecting commercial and personal confidentiality, and that of the Associations and their members and Lloyd’s, LIMOSS will operate as transparently as is reasonably possible with its customers and suppliers.
  • LIMOSS will operate as simply as possible and look for ways to make it easy for customers to consume services.
  • LIMOSS may act as the management team for Market Service Owners and committees.

Attention to value

  • LIMOSS will focus on delivering, and being perceived to deliver, value for money for its customers in how it operates itself.
  • LIMOSS will seek to maximise the value (service/price balance) the market receives from Market Service Providers.

Constructive supplier relationships

  • LIMOSS will operate fairly with Market Service Providers, and seek to build positive, long-term relationships with them.
  • LIMOSS will work with Market Service Providers to help them improve their service and bring innovation to the market.
  • LIMOSS will negotiate strongly and fairly on behalf of the market from a position of knowledge, leveraging economies of scale.

High standards of probity

  • LIMOSS will operate to high standards of probity particularly given it will have operating authority over Market Services Providers.
  • If LIMOSS is aware of supplier or company misconduct it will work to resolve any issues and escalate to its members if necessary.
  • LIMOSS will recognise, highlight and address any conflicts of interest that may arise due to the complexity of market structures.

Conduct

  • LIMOSS will ensure high standards of compliance with regulation and proactive management and mitigation of risks.
  • LIMOSS will recognise the fundamental need to protect  individual companies’ commercially sensitive data.

Professional practice

  • LIMOSS will apply good practice, centralised expertise in supplier and contract management.
  • LIMOSS will seek to apply standard processes, tools and technologies insofar as possible across Market Services and Market Services Providers.
  • LIMOSS will develop, maintain and execute an agreed portfolio of good practice policies that cover the entirety of what it will do.
  • LIMOSS will treat all Market Services with equal priority regardless of the income they generate for LIMOSS.