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This report summarises the key themes discussed during the London Market Claims conference, highlighting the key challenges, but also some of the steps that will need to be taken to move us beyond discussion to deliver real change.
This year’s London Market Claims conference brought together claims experts from across the London market value chain for a day of panel discussions and workshops to discuss how we can enable positive change across the market. The energy and excitement of being face to face were palpable: for many of those attending this was the first in-person event since the pandemic.
The sessions focussed on the strategic and operational challenges around data, culture, process and technology as we forge ahead with the transformations required to improve claims service and processes that will meet changing client expectations and deliver operational efficiency. Not an easy task against the backdrop of covid, the inherent complexity of many claims in the market, emerging ethical and environmental challenges, and evolving regulatory requirements (to name just a few headwinds!)
This report is a summary of the key themes discussed during the day, in the context of views participants shared in the pre-event survey: we’ll seek to highlight the key challenges, but also some of the steps that will need to be taken to move us beyond discussion to deliver real change.
Ian Gibbard of Guidewire London Market introduced our keynotes with some thoughts around how the last 18 months have highlighted how digitally enabled modern businesses are, but also posed some questions for the audience around whether to prioritise the customer experience or the drive for STP, what insurance can learn from transformation in other sectors and whether the market has the skills and capabilities required to deliver transformation…all topics that we returned to later in the day.
Prior to becoming President and Managing Director of Liberty Specialty Markets (LSM), our keynote speaker Matthew Moore was Group Chief Underwriting Officer for LSM with responsibility for underwriting performance and profitability across approximately 50 lines of business, and since taking up the role has become a member of the LMA Board, and in May 2020 he became Chair of the LMG: so he's certainly qualified for the job of setting up the day with an umbrella view of the big strategic questions of the day!
Matthew argued eloquently that building the capabilities to deliver claims excellence in an increasingly digitally enabled global insurance marketplace, and being client-centric across the entire organisation in practice as well as principle, are essential for London to prosper post pandemic. Matthew highlighted the value of claims expertise in London, especially against a background of increased automation and what he called “digital nomadism”, underscoring the role claims excellence can play in winning and retaining business, and arguing that this alone should give claims a seat at the top table.
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