LMA chief executive Sheila Cameron has called for the creation of a digital re/insurance marketplace in London where processing tasks are linked seamlessly from end to end, from proposal to claims, freeing market experts to concentrate on adding genuine value for customers.
Cameron said: “Our goal must be to build completely connected individual organisations that link seamlessly into a digital marketplace where everything works together. Every system will need to interface with all the others.”
Speaking at the Insurance Network’s recent TINtech conference, Cameron said: “Ultimately we need to digitise the entire process from end to end, but by saving costs through early wins, we will yield the cash to fund the rest of our digital journey.”
A combination of market initiatives which integrate with platforms developed by individual insurers and brokers will be necessary to achieve full digitisation, she said. “Co-operation is typical of the London market ecosystem. I have no doubt that we will achieve true digitisation success, but only through multiple efforts, some market-wide, some individual, and some through joint ventures.”
Cameron concluded: “When our end-to-end process is fully digitised, we will be able to deliver products to our customers that are even more responsive and cost-effective. That is the objective of London’s digital journey.”
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Notes to Editors
Download Sheila Cameron’s complete speech here: http://www.lmalloyds.com/LMA/News/Blog/achievingadigitalmp.aspx
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About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd’s Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £31billion per annum.
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