Opinion: Lloyd’s Modernisation Process Needs to Address Three Key Issues

Tomorrow morning, Wednesday 1 May, John Neal, Chief Executive of Lloyd’s of London will outline plans to digitise and modernise processes. Ahead of the reveal Tony Tarquini, Director of Insurance, EMEA at Pegasystems, reveals three things he would prioritise as part of the modernisation.

“The industry needs to deploy Federated Case Management capabilities. This would facilitate the most efficient and effective progress for a case through any process, be it underwriting, claims or any other. It would require high levels of integration with third party systems to make it attractive for all the parties in the market to want to use it, without requiring multi-million IT development projects to make it work. This would be recreating the old paper based market of the 1700’s in a digital way.

“Omnichannel capability. The uniquely valuable advantage of the Lloyd’s market is the ability to discuss complex cases. There is always going to be a requirement to do this, whether the brokers comes to the underwriter’s box with files under his arm or not. The ability to use any channel of communication, at any time with impunity and still have a transparent and continuous process is going to be mandatory to move the market from personal face-to-face to collective cooperation. I believe on-line video is one channel that could play a major role in easing this transition by building a transition path from today’s in person meet-ups to a digital format.

“The interchange of data between stakeholders in the marketplace has always been a major problem. In order to underwrite a risk or pay a claim there is a huge amount of data rekeying being done at every stage of the process. This results in errors, omissions, delays and other impediments to efficiency and effectiveness. While there has been some solid progress on addressing this, it is still a major impediment and the associated frictional costs damage the market. Today there are advanced technologies which can be applied to reducing and even removing these, particularly Intelligent Virtual Assistants (IVA) which automates much of this using robotics and AI.”

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