The London Market Group has revealed plans to make claims transformation a top priority for its Target Operating Model (TOM) in 2018 while continuing to focus on Brexit, electronic placing, and further development of the LMA Academy in Lloyd’s overseas hubs.
Shirine Khoury Haq, Chief Operating Officer of Lloyd’s and sponsor of the TOM said “there is a real desire to improve the end-customer’s claims experience, a factor that ultimately drives customer satisfaction.
“We will be looking at a set of generally agreed claims requirements, partially documented in the original TOM Blueprint which have been discussed and socialised in the London Market over the last two or three years.”
Tony Rai, Head of London Market Claims at Hiscox commented; “we must increase the speed of claims settlement so as to make London an easier place to do business.
“This includes adding automation to Single Claims Agreement Party, updates to claims settlement process and improving two-way customer communication – including considering more use of portal.”
Speaking at the LMA’s annual CEO meeting this week, David Gittings, Chief Executive Officer (CEO) of the Lloyd’s Market Association (LMA) expressed support for Lloyd’s Brussels subsidiary and optimism that solutions would be found for continuity of contracts post-Brexit despite the challenges ahead.
Gittings also confirmed the LMA Board’s support for the proposed electronic placing mandate.
In 2017, Lloyd’s claims modernisation efforts involved the cross market launch of the Single Claims Agreement, providing a new satellite imagery service for Lloyd’s claims practitioners and developing the Claims Expert Hub, which aims to reduce the estimated £1 billion market spend on claims experts incurred by the Lloyd’s market over the past two years.
The London market has come under pressure to keep up with the speed of innovation within the wider re/insurance world if it’s to retain its place as a global reinsurance hub; its seen by some within the industry as an expensive market environment in need of regulatory development and further complicated by the uncertainty of Brexit negotiations.
Charles Bush, Head of Property and Energy Claims at Zurich UK, added that the way to ensure the longer term sustainability of the London market place is to deliver greatly improved customer outcomes by using technologies such as robotics and AI.
“The objective has to be that London delivers a world-leading and superior claims service, underpinned by a modern and flexible claims agreement platform,” he said.