Change is not optional: Charles Bush blogs about the future of claims in the London Market
In the first in a series of blogs by senior claims professionals in the London Market, Charles Bush, Head of Property and Energy Claims at Zurich, shares his views on the future of claims...
It is the opinion of our customers, and I think it is hard to dispute, that as a market place generally we are very good at managing large and complex losses, and less good at the smaller, lower value claims.
In February 2018 the SCAP arrangement was introduced, the product of 6 months hard work looking at ways to speed up and improve the claims experience, for our customers. Lloyd’s have estimated that SCAP will see an improvement of 51% in response times.
Following the implementation of SCAP, at the beginning of this year Claims became a LM TOM funded initiative and throughout 2018 a large number of market participants have been instrumental in understanding what a great claims experience could look like for our customers.
The main work streams being looked into are:
- Quick wins – including, enhanced process delivery for SCAP, and claims process improvement.
- Strategic claims – including, customer access and flexible distribution, claims management and agreement, settlement and fund management, and data, MI and analytics.
The future of claims looks very different to how it does today and we need to prepare ourselves for this, both in terms of technology and the skill sets of our people. Data and analytics will become king. The London Matters report shows that Lloyd’s and the London Market is losing market share to overseas hubs and we need to stop this by ensuring that we offer an industry leading claims experience for our customers. Frankly, if we don’t proactively look for ways of disrupting ourselves to achieve this then it won’t be long before our industry is disrupted by external forces.
Through this collaboration site we are hoping to get your feedback to enable improvements to the claims solution. We would welcome your comments, observations, and suggestions.