PRESS RELEASE
08 October 2018
Reputation, enhancing delegated authority claims and automation
‘top priorities’, LMA survey reveals
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) said: “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.”
- ENDS –
Notes to Editors
A summary of findings have been shared with claims heads at Lloyd’s managing agents.
For further information please contact:
James Milne, Head of Communications
Lloyd’s Market Association
T 020 7327 8405
E james.milne@lmalloyds.com
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 £32billion per annum.