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10th February 2019
LMA Chief Executive calls for the creation of a digital re/insurance marketplace in London
Trend
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, she 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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