Expertise is the backbone of change: Colin Masson blogs about the future of claims in the London Market
In the second in a series of blogs by senior claims professionals in the London Market, Colin Masson, Head of First Party Complex Claims at Beazley, shares his views on the future of claims...
Here in London we handle the most complex insurance claims in the world. The London Market will, as a result, always be about decision-making, expertise and skill. I genuinely think that’s what makes what we do here unique and why EC3 is different from everywhere else in the world. But now is the time for the platforms supporting this decision making to be improved.
The future of the London claims service relies not on replacing or automating market knowledge and expertise, but facilitating their application through smarter use of technology. It’s not about fixing things, it’s about enabling what we do. We need to remember what Lloyd’s does. The people and expertise that deliver such extraordinary results will always be needed. It is difficult to see how the handling of multi-jurisdictional litigation can ever be automated. What we can do is make it easier for people to do that job. But, we need to do that in a way that respects the values and culture of, what I believe is, one of the best places in the world to work.
Human interaction is vital to the London Market ecosystem and so whatever change we introduce, it is important that we remember why we are different. That way we enhance and improve what we have and we don’t get stuck in a counter-cultural spiral. Our expertise does not diminish as we change. Instead, it is the backbone and catalyst of change.
A good deal of what we need to do is about hygiene. Our clients are demanding faster decision making and their expectations will only increase. To meet that demand we need to have better access to more accurate data. We need to fundamentally change the way that our platforms allow data to flow through the claims environment, in a way that makes the ultimate application of expertise, skill and decision-making faster and more efficient.
The more we use technology to take out the transactional, administrative tasks, the more time can be spent on work that really demonstrates to our clients that their claims are in the best hands. And whilst it is tempting to think that automation and technology leads to a reduced need for people, in my view, that is unlikely to transpire. Other tasks quickly fill that void, but they can be value-adding and enhancing to client relationships, allowing the market to attract new business and grow. It is true that we may need to develop new skills and change our mind-sets. But, it is likely we will need more people, not fewer, but with additional and different skills to enable that to happen.
Jobs will change and flex more than has been the case, but the excitement of this is that it provides opportunities for learning new skills and ways of working. We need to give people the foundations to develop, learn, change and do something new. It will make people’s lives more interesting, not less. Nobody enjoys the mundane.
The world is changing and we need to remain relevant so it’s important to get ourselves comfortable with change. Let’s not worry about the future, let’s prepare ourselves.
Watch the below videos for more on the future of claims in the London Market...
- The Future of Claims in the London Market – The opportunity for the market
- The Future of Claims in the London Market – Supporting our claims experts
- The Future of Claims in the London Market – Focusing on the customer experience
- The Future of Claims in the London Market – Remaining relevant and competitive