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London Market Claims 2019 with its focus on enabling and delivering claims transformation in the London market, tackles the complex challenges across the value chain. This year there were two predominant themes echoed by most of the speakers. First is the growing importance of technology and the other is the human factor. Banally simple, as they may seem, they nevertheless might be the difference between the winners and the losers in the insurance markets of the future.
TIN London Market Claims is unique as the event concentrated on improvements and innovations which might positively impact the claims performance on the Lloyd’s and London markets. More importantly, on Tuesday we got a glimpse into one of the pillars of the future of Lloyd’s Blueprint, their claims solution, designed to ultimately replace Xchanging.
The opening plenary session stressed that being prepared for the digital age means both fine-tuning the claims processes and securing the claims workforce of tomorrow. Having a comprehensive view of the importance of claims set the tone for the following speeches, debates and workshops.
Technology in claims, or more precisely, how the use of IoT can make complex claims non-complex was discussed during one of the Streams. By placing a small device that records shipping conditions on the cargo box, insurer and insured get detailed data on the temperature and humidity at each point in time during the shipping. In that way, it becomes obvious when a potential damage occurred, who’s fault is was and potentially preventing a claim in the first place.
During the session entitled, “Delivering exceptional claims service”, the discussions focused on how to develop a structured approach to identifying key steps within the customer journey of clients which have major impact on the overall experience. They also touched upon the lack of sufficient cooperation between the claims and underwriter teams and brokers. Ultimately, they concluded that technology and the money invested in transformations won’t deliver expected value without the change in a company’s culture.
At industry events, we often expect or at least hope for some clear takeaways. We listen to experts, exchange our own ideas as well as share first-hand experiences, searching for conclusions to support us in identifying problems with more accuracy and finding the right solutions. Hopefully we’ve provided a flavour of the themes covered this year and how things have moved on in the past 12 months.
A Sollers review