The Chief Executive Officer (CEO) of the Lloyd’s Market Association (LMA), Sheila Cameron, has urged for the establishment of a seamless, digital re/insurance marketplace in London.
Addressing an audience at the Insurance Network’s TINtech conference, Cameron called for a digital market where processing tasks are linked seamlessly, which in turn would provide market experts with more time to concentrate on adding real customer value.
“Our goal must be to build completely connected individual organisations that link seamlessly into a digital marketplace where everything works together. Every system will need to interface with all the others.
“Ultimately, we need to digitise the entire process from end to end, but by saving costs through early wins, we will yield the cash to fund the rest of our digital journey,” said Cameron.
She underlined the need for cooperation across the insurance and reinsurance industry, and said she was confident that the London market participants, including insurers, reinsurers and brokers, will work together to develop a truly digital marketplace.
“When our end to end process is fully digitalised, we will be able to deliver products to our customers that are even more responsive and cost-effective. That is the objective of London’s digital journey,” said Cameron.