Accelerating digital journeys for the London Market
The London Market is inherently complex, with friction heavy processes and a lot of duplication taking place. It is expensive and resource heavy, which in the long term is unsustainable. Especially when you consider up to 40% of the premium is eaten up in acquisition costs. This unacceptably high cost of doing business is driving change and catalysing transformation.
Key initiatives such as Future at Lloyd’s support the changes required to ensure the market remains relevant and credible globally. The race is on to reduce the cost of doing business. And to increase efficiencies and improve the overall end to end user experience. Low-code tech can help deliver the market’s aspirations for change.hange.
Reduce friction in the value chain
By digitising manual processes, the potential for human error reduces.
Built by experts in the London Market (you!)
You can solve a multitude of challenges with a secure single platform all under the governance and control of IT.
Lloyd’s of London CEO John Neal believes that technology should be used to revitalise the marketplace. Late last year he commented: We need to make ourselves more relevant, more innovative [and] much more cost-effective.Learn more
Don’t be held back by legacy systems
With low-code, you can tie together legacy systems with new applications that deliver the information you need and a great customer experience.
Better access to data
Provide one version of the truth and empower your people to make better-informed underwriting and claims decisions based on better access to enriched information.
In the media
Take a look at some of the insights and commentary from our team of tech experts, around how low-code is helping the London Market.
Here’s how our Liberty Create low-code solution is helping organisations to respond in the face of the crisis. Hereare Richard Farrell’s views on what’s key to the London Market building a digital future.
It has been a year of momentous change for business – and many markets have been forced to accelerate their digital transformation efforts to overcome and adapt to new ways of operating.
Low-code is one technology that’s pioneering a fresh approach to a digital-first future. Recognising the failures of big transformation projects that are too expensive and too slow, low-code allows you to ‘get off the starting block’. Improving one process at a time.
It allows you to create new apps needed for improving processes. It ties together legacy systems with new data sources and provides the end-to-end data flow. Meaning you have better access to data and a competitive edge.
Low-code offers a new approach to application development. It has been designed to address the time, cost and complexity issues of traditional software development. Business users and IT can work together to deliver secure apps that meet your exact needs. Overcoming skills shortages and delivering innovative solutions, faster.Learn more
Automation in departmental silos is the root cause of many broken processes. One process pro at a large insurance company lamented that many processes broke as a result of COVID-19 driving a new class of remote workers.
‘The Coronavirus Crisis Increases the Demands on Software And Developers’, Forrester, May 2020.
Get started quickly with our Insurance LaunchPad
Our starter pack brings together everything you need to accelerate time-to-first-app including software licences, training, AppShare and Community access.
Here are some quick examples of how people in the London Market are using our solutions.
A leading global professional services firm acting as a global insurance broker and representing many of the world’s leading organisations. Across the Spanish broking sites the broking process was clunky, inconsistent and prone to error and double data-entry. Liberty Create simplifies and standardises the broking process.
This insurance underwriting company increased staff productivity by 57%, to improve customer service and save massive costs. A new platform built with Liberty Create is assisting with case management has enabled spend tracking, progress of home refurbs, chased contractors, updated customers, provided MI across entire cases and enabled trend analysis mapping.
We have teamed up with a number of service delivery partners that have a wealth of experience in the London Market. So if you need help to quickly solve your most pressing challenges we can match you to your perfect partner. Netcall accredited, wealth of experience, industry knowledge and great people are what makes a good fit for us!
Take a look at some of the projects we have been involved with so far, all built using our Liberty Create platform.
Since 1970, ACORD has been an industry leader in identifying ways to help its members make improvements across the insurance value chain. Implementing ACORD Standards improves data quality and flow, increase efficiency, and realize billion-dollar savings to the global insurance industry.
Low-code in action
Ready to see low-code in action? Why not join us for our upcoming webinar, “What is Liberty Create”.
In this short webinar, we explain Liberty Create, our low-code platform. We focus on how it’s different to other low-code solutions and the benefits that it delivers to organisations across all industries. Plus, you’ll see it in action!Sign up now