10 March 2014
London market survey highlights improvements in claims process - challenges remain
- ECF and CTP cited as the most successful recent reforms to the market’s claims process
- Brokers and Managing Agents emphasise the need for increased investment in training and development
- Over half of those surveyed felt that market systems would continue to meet requirements over the next three years.
A survey of members of the Lloyd’s Market Association (LMA) and the London and International Insurance Brokers’ Association (LIIBA) has highlighted the recent strides that have been made to improve the London market’s claims capabilities, but also the need for continued investment in technology and training to further enhance the Lloyd’s and London market claims process.
With responses from LIIBA and LMA members accounting for over 70% of all premium transacted in the London market, the survey provides the first market wide insight from leading claims practitioners into how effective initiatives such as the Claims Transformation Programme (CTP) and the implementation of the Electronic Claims File (ECF), have been in transforming the London Market’s claims offering.
Over two thirds of respondents mentioned CTP as a key initiative which has helped improve the market’s turnaround times, with brokers citing it as a “massive change in the way the Lloyd’s market had been traditionally handling claims.” The ECF platform was also widely held as one of the key developments, with Managing Agents highlighting the increased access to data and information, while brokers commended the increased transparency and improvements in insurers responsiveness to client need that the platform has facilitated.
The survey also highlighted a number of areas where the London market must continue to improve to meet the challenge of overseas markets, with brokers and managing agents recognising the need for increased investment in training and development to retain and increase market share.
Lloyd’s Market Association Claims Committee Chairman and Head of Claims at Canopius, Mike East said: “The recent survey is a positive indication of the improvements that have been made in the market’s claims capabilities, in terms of turnaround times, transparency of information and also increased client focussed approach. However there are clearly areas in which the Lloyd’s market must continue to develop and improve its claims service to meet future challenges.”
LIIBA Claims Supervisory Chairman, Martin Thomas at Aon, commented, “It’s great to see claims professionals from both the insurer and broker community working together to define, then drive continued improvements to London’s claims offering for the benefit of our clients.
This survey provides insight for our market place to continue the excellent progress we have made over the past three years as we continue on our journey to deliver first class client centric, time bound claims services from the London markets diverse and secure coinsurance market.”
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Notes to Editors
For further information please contact:
James Milne, Communications Manager
Lloyd’s Market Association
T 0207 327 8405
T 020 7623 2368
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 £26 billion per annum.
LIIBA is a trade body, representing the interests of Lloyd’s brokers operating in the London and worldwide insurance and reinsurance markets. LIIBA members place in excess of £50 billion of premiums through the London Market and many billions across the world. Collectively they generate one third (£1.90 billion) of the insurance sector’s net exports for the UK Economy.