The Future of Claims; the market has its say…

The transformation of the Claims service in the London Market continues to gain support and momentum. Input from market practitioners is vital to the success of any transformation change in the market so the LM TOM hosted engagement sessions to talk to the market and gain insight about the future of the Claims service we offer.

Four sessions were held across November and December and a over 150 participants attended, representing 73 market firms. Presenters included Adrian Thornycroft, Programme Director, LM TOM, Lee Elliston, Claims Director, LMA, Tony Rai, Head of Claims, Hiscox, Sheel Sawhny, Global Head of Claims, Brit, Terry Calthorp, SVP Client Support Services, Guy Carpenter and Stuart McPhee, Project Director, Claims. Claims professionals, executives, operations managers and change leads from both broker and carrier firms came together to hear more about the progress of the Claims project so far and share their views.

When asked if ‘now is the right time for Claims transformation’, 100% of participants said it is the right time, or it is well overdue. Feedback from the sessions said the current claims service could be faster, more flexible, less costly, more transparent and, vitally, offer a better service to customers.

Generally, most attendees were clear on the claims vision but wanted more clarity around the claims solution and what it will ultimately look like. Attendees also voted on the key priority areas for Claims including, customer experience and the agreement and settlement processes, which align with the aims of the project. While more information will become available throughout 2019, 78% of participants said they were already committed or very committed to championing a new claims solution in their business.

If you missed out on the events but would still like to find out more and share your views, you can watch the overview video (with accompanying script) and answer the same questions as the participants in the session. You can also share this video with your colleagues, along with the slides.

You can also watch the Future of Claims in the London Market videos and read blogs from Charles Bush, Colin Masson and Justin Emrich.

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