Sheila Cameron (pictured), who recently took on the top post at the Lloyd’s Market Association (LMA), is saying ‘no’ to re-keying data and ‘yes’ to cost savings by making the marketplace fully digital and seamlessly connected.
Speaking at this week’s TINtech London Market 2019, organised by The Insurance Network, the LMA chief executive said “it’s hard to believe we’re still re-keying data” and pointed to the need to get to the bottom of inefficiencies. Cameron is of the view that technological solutions are here; it’s just a matter of implementation and adoption.
“Ultimately, we need to digitise the entire process, all the functions, from end to end,” she stated. “By saving costs though early wins, we will yield the resources – by which I mean cash – to fund the rest of our digital journey.
“Because of the need for relatively quick, cost-saving wins, even our recent approach has been necessarily piecemeal. We have worked very hard to digitise specific parts of the process. As much as that work has been extremely successful so far, we have left other critical business processes in the digital long grass.”
Cameron explained that while certain steps may have been digitised, “it’s not much use” until the same is done for all the other steps.
She believes having a helicopter view is required – looking at the entire process, from quotation to claims settlement, to find every single sticking point and using the most appropriate technology to solve the issue.
“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,” asserted Cameron. “That is the objective of London’s digitisation journey.”
