- Newslink Global Insurance Trends-The Week
- The majority of executives(87%) around the world cite untrained staff as the greatest cyber risk to their business according to a new report from “The Cybersecurity Imperative”
- PRA publishes four final Policy Statements on Solvency II
- PRA publishes Policy Statement-"Strengthening accountability: Implementing the extension of the SM&CR to insurers"
- FCA and The Pensions Regulator(TPR) launch a joint regulatory strategy
- Prudential Financial SIFI designation dropped by FSOC
- Applied Systems announces investment from CapitalG bringing access to Google expertise across artificial intelligence, machine learning, and digital marketing expired
- Greenlight Re Innovations makes third investment-in South Africa-based digital insurance platform Click2Sure expired
- RMS estimates insured losses from Hurricane Michael at $6.8bn to $10bn expired
- Insurance Australia Group(IAG) licenses the RMS High Definition New Zealand Earthquake Model expired
- AXA XL receives authorisation in principle to move its EU insurance company, XL Insurance Company SE, from the UK to Ireland expired
- Hannover Re completes fifth catastrophe bond transaction for clients this year- raising the total issuance volume to $1.5bn in 2018 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.”
Lloyd's Trends(2615 articles)