- IAIS will soon embark on a new strategic direction following approval of its 2020-2024 Strategic Plan and Financial Outlook(SPFO)
- EIOPA publishes 2018 Annual Report
- IPCC circulates Final Draft including the Summary for Policymakers(SPM) of the Special Report on the Ocean and Cryosphere in a Changing Climate(SROCC) to governments
- UK motor insurers had impressive 2018 but prospects could worsen in next two years says EY research
- FCA publishes first annual perimeter report
- Insurer legacy systems holding back single customer view and slowing digital transformation says new MarkLogic global survey
- Econocom research indicates that over a quarter of businesses(26%) have had digital transformation projects fail expired
- Riskbook the winner of the London semi-final round of the ACORD InsurTech Innovation Challenge (AIIC) expired
- Argo deploys AVYST’s bi-directional forms system, eForms Wizard, making it possible for clients and brokers to enter risk details just once, at source expired
- SURA Columbia successfully deploys its integrated claims fraud detection programme for motor personal lines with the FRISS accelerator for Guidewire ClaimCenter. expired
- Brown appointed Non Executive Director at SSP expired
- Randall steps down as Group CEO at R&Q expired
10th October 2018
LMA survey of senior claims personnel says top three priorities are brand reputation, automation and straight-through processing
Brand reputation, automation and straight-through processing are the top three priorities of claims leaders in the Lloyd’s market, a survey commissioned by the Lloyd’s Market Association(LMA) reveals.
The research provides a comprehensive picture of the concerns, opinions, and priorities of the market’s most senior claims personnel.
The study revealed the following significant findings:
-By a very great distance, the highest priority for claims heads is their managing agency’s claims brand and reputation. More than 90% selected this as a top-three priority.
-Straight-through processing, particularly regarding delegated authority claims, is respondents’ second-highest priority.
-Automation is seen as an immediate necessity within market-wide modernisation.
Tony Rai, head of London Market Claims at Hiscox and chair of the LMA Claims Committee (LMACC), comments “Canvassing the opinion of three quarters of all heads of claims at Lloyd’s managing agents has clearly highlighted the challenges ahead and the pace of change that is currently being demanded of claims departments. The LMACC undertook this detailed study to gain a clearer understanding of the fast-changing claims landscape, which will enable us to prioritise our efforts to best support the claims community within Lloyd’s.”
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