- US Department of the Treasury and the Office of the US Trade Representative announce their intent to sign the Bilateral Agreement between the US and the UK on Prudential Measures Regarding Insurance and Reinsurance (US-UK Covered Agreement)
- Insurance Europe raises serious concerns in its response to a consultation by the European Commission on its draft proposals for the 2018 review of the Solvency II Delegated Regulation
- Insurance Europe seriously concerned by the quick-fix approach taken by the European Supervisory Authorities (ESAs) in their proposals for changes to the Key Information Document (KID) for Packaged Retail Investment and Insurance Products (PRIIPs)
- Commercial insurance prices in the US increased by over 2% in the third quarter of 2018 according to Willis Towers Watson CLIPS survey
- SME attitude to cyber security worrying says Aon after commissioning poll
- Beazley launches cyber and breach response portal that provides exclusive access to a wealth of risk management information and risk mitigation tools to its Beazley Breach Response (BBR) policyholders in the UK, France, Spain and Italy
- Royal London CEO and Chair to stand down expired
- Co-operators selects Guidewire Predictive Analytics for Claims to embed predictive insights into Guidewire ClaimCenter expired
- Willis Towers Watson launches latest version of its innovative Radar software expired
- Coverys to join DTW’s panel of capacity providers as one of its largest backers expired
- Peak Re launches Asia’s first sidecar transaction via a new Bermuda-domiciled special purpose insurer, Lion Rock Re expired
- Ed appoints CEO-designate and is setting up a new broking platform in Bermuda 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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