Tinsights

The London Market Claims Summary Report 2020

Published:

Explore the key themes from the Virtual London Market Claims keynote session on how to enhance and improve the claims process

This year’s Virtual London Market Claims provided a series of interactive, online sessions addressing the mission
statement of the ‘real world’ London Market Claims conference: “to enhance and improve the claims process to
the benefit of all stakeholders in the London market claims value chain”.

The sessions covered both big strategic changes and the practicalities of transforming claims in the London Market. 

This report summarises the key themes from the keynote session sponsored by Guidewire and featuring Sian Fisher, Chief Executive Officer at the Chartered Insurance Institute, Tim Carter, Claims Director at Everest Re and Ian Gibbard, resident London Market Expert at Guidewire.

Changing mindsets & skillsets

Sian Fisher opened the session with what Ben Bolton described as a ‘leadership statement’, sharing some thoughts on changing mindsets and skillsets to deliver the high impact, sustainable change in claims that the current business environment is rapidly making a necessity for the London market.

She gave an insightful overview of what she sees as the main drivers for change in the industry, and what the market’s priorities should be. And Sian unequivocally stated that priority number one should be the customer, and putting the customer at the heart of everything we do. She also shared a wider vision of how the sector could move from simply insuring risk towards the mitigation of risk, the mitigation of claims and helping organisations recover following a claim, rather than simply ceasing the service when that claim is financially settled and the cheque is in the post.

At this time of transformation the London market needs to reappraise how we view the client and the claims service we deliver - and dig deeper into how our clients see their relationship with the market, and what they expect to see from us when they need us:

“we need to put the customer at the heart of the claims journey and be empathic yet savvy about the way an insurance product works in practice.”

Sian goes on:

“Looking to the future, making insurance relevant could be done by helping clients manage both insurable and non-insurable risks, and then focusing on the human element of insurance by looking at services that mean the most to customers in their time of trouble”. 

The COVID 19 pandemic, like any crisis, will drive change, as it forces nations, individuals and businesses into unchartered waters; but in common with any crisis, with new challenges it also brings new opportunities – and forces change upon us. This was reflected in our opening audience poll, which found that 77% of respondents believed their organisations were more likely to embrace transformational change now than this time last year. There’s been 20 year’s ‘drift’ since the last crisis (9.11) so perhaps this is an opportunity to really ‘land the change’ and not ‘snap back’ once these conversations have been had, and this crisis has passed.

Sian reflected that perhaps one way we could reimagine how we work is to be better at pooling expertise across business lines – and asking what can we learn from each other. Tim Carter of Everest RE developed Sian’s point with an appeal for London to learn from other sectors - and strive for a new era for excellence in London Market claims handling: taking Sian’s point about pooling expertise across business lines within the market and our own organisations, he asked what can we learn from retail, for example and implement within the subscription risk model to help create a unique proposition that combines the best of London with the best of other sectors.

To continue reading the full report click the button below to download now.

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Authored by QBE UK Insurance Executive Director Cécile Fresneau

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