A once-in-a-generation opportunity: Lee Elliston blogs about the future of claims in the London Market
In the fourth in a series of blogs by senior claims professionals in the London Market, Lee Elliston, Claims Director, LMA, shares his views on the future of claims...
Claims occur when our policyholders are in their hour of need. Whether property has been damaged, reputations are at stake or businesses are unable to run, when policyholders make a claim, they need us to have a customer-centric approach to service and respond appropriately.
In the London Market we’re ready. We have the expertise and talent to deliver this service and apply a customer-centric approach, but we don’t have the tools to help settle claims and interact with our customers and supply chain as efficiently as we could. The opportunities now are massively different to those available 13 years ago when we introduced electronic claims files across the market. Utilising modern tools and making the best use of the data that is available to us will allow us to modernise the claims model, support the claims service offering and meet the enhanced and changing customers’ expectations more flexibly.
Historically updates to the claims model and processes have been small and incremental. We’ve explored improving the notification of claims, reducing reliance on legacy technology and removing touchpoints to accelerate decision making and settlement. Some technology and operating methods have been enhanced, but what we need now is transformation. It’s time to completely re-engineer how we, manage and respond to, and settle claims.
Any transformative claims model needs to focus on leveraging modern technology, within a model that benefits our customers, brokers and supply chain. If momentum is lost, any benefits will only marginally enhance the way carriers operate rather than being truly transformational. Success will only be achieved if the technology, the market’s claims professionals, our customers, brokers and experts are all part of the future vision and solutions that will need delivering.
We have an opportunity to approach this transformation collaboratively; brokers, carriers and extended third parties. It can’t be siloed. We have to do it together with clear business outcomes agreed. It presents an exciting opportunity. We can truly benefit from the thinking and focus that is being given to innovative technology, a customer service driven approach and culture, data & analytics and building the structures and skills of our claims experts in the London Market.
The future of claims is about customer service, technology, process and reducing cost. It’s time for the market to get behind a once-in-a-generation opportunity to transform the claims model, building on the strength of the Lloyd’s and London market brand, putting the claims professionals that are so critical to it at the heart of delivering the transformation and adapting to a new model.