Live at the London Market Claims Conference 2018 [Podcast]
The London Market Claims Conference 2018 was hosted recently by The Insurance Network (TIN) and brings together senior decision-makers to discuss key initiatives and innovations that will improve claims performance in the Lloyds and London market.
Recorded live from the event, Louise Wright took the opportunity to chat with two of the directors from Advent Insurance Management, Paul Bermingham and Parminder Kaur. Advent partner with us to deliver solutions to the insurance industry. Here’s our round up of what we learnt from our discussions, workshops and panel debates from the day, including how customer experience is shaping changes in the market
On the move? This interview is also available as a CX Appeal podcast. Listen in full here.
It’s been a really busy day with a big focus on customer experience putting the client at the heart of change. Paul if we start with you what are your thoughts?
PB: It’s great to see that the market is finally looking at everything from a customer perspective. For too long it has looked at the process within the market itself but now there is a bigger focus on the customer journey. This can only be a good thing!
I think there is a lot of work required to engage with customers and understand the journey better and revise what they are doing for the benefit of the customer.
PK: I think it is quite revolutionary how businesses in this market have now distinguished between a commercial customer and the end customer (policy holder). That is quite refreshing, looking back three/four years ago where focus was on the local agent selling you insurance rather than the end policy holder. Based on what we’ve heard today, we can see this is changing. It’s not just about efficiencies but the customer being at the heart of those efficiencies.
LW: Another interesting point has been the recognition that the industry needs to embrace new technology or risk being left behind. In fact, Steve Clark from AON noted that more money is spent on maintaining old clunky legacy technology rather than investing on new technology which will help organisations drive themselves forward.
What advice would you give to those businesses in that position?
PB: Two other great quotes I heard in addition to that were that if you are running legacy systems, you are effectively paying compound interest on old technical debt. The other was about technology being disposable. Businesses need to look at it in that way. People are still caught up in the legacy track. There are technologies (like MATS Low-code) that allows people to work with their legacy and doesn’t need to be a barrier to change. They can make changes and use new technologies to work with their old technologies which shouldn’t prevent them from making life better for themselves and their customers.
PK: The focus is more than just replacing or supporting legacy, it’s also about looking at the business model and how to achieve end customer experience. And of course, looking to technology to find new ways of working. In this way businesses can enable the legacy technology to bring processes together without disrupting business. And think of new ways to replace and modernise rather than just replacing one system with another.
LW: Absolutely! Businesses do need to keep the wheel turning at the end of the day.
What do you think the future looks like for the London Market Claims based on what we have heard today?
PW: With regards to future proofing, we believe the biggest change is in mind set. There’s some great tech out there and great things happening but business leaders first have to change their mind-set into what the problems are. For instance what challenges are you facing? And what are you trying to achieve? What is your strategy? Then change your processes to follow that and bring in technology to help. But without the mind-set you risk applying technology but making expensive mistakes in the process.
PK: I agree with Paul, mind-set is key and putting the customer right at the centre of what we are trying to achieve. The future of claims isn’t about modernising insurers and brokers alone, but also how it is going to best serve your customers. The future of claims is focus on efficiencies, but for the customer.How can we reduce costs and make quicker payments to customers? And what technology do we need to support that model?
For more information on The Insurance Network and its range of conferences, go to https://www.the-insurance-network.co.uk/
Don’t forget you can listen to the podcast in full here.