The London Market is inherently complex. Multiple companies and multiple contracts mean innovation is difficult and many are struggling to know where to begin. Low-code can provide the answer to many of the market’s process challenges, but because it can be used for so many different use-cases, where do you start?
To help tackle this issue we recently took part in a Road Test event with The Camelot Network. Camelot is a network of independent consultants who are ex-C-Suite Execs/Senior Managers who have all “been there and done it” in top organisations, mainly in insurance, and in particular the London Market.
The aim of the event was to understand the issues the market face, and then show how low-code can quickly address these challenges. We would take one idea and build an mvp (minimum viable product) application within just one week.
The problems put forward
After a productive workshop session, we identified 15 areas which are currently using manual or lengthy processes. These varied between small to wide-scale issues, across the whole market from organisational level to market level. All could benefit from an application to automate the process to improve the currently friction heavy way of operating.
How many of these challenges is your organisation currently facing? Perhaps you are struggling to be able to…
Demonstrate your organisations operational resilience
Apps can be built to follow the entire customer journey. So, you can ensure the customer is being served in the right way while meeting the pre-obligations. And you can demonstrate this to the regulators, such as the FCA. Examples of this could be the life cycle of a claim, fielding or managing a complaint and reacting to new requirements in the market or from the regulator.
Managing tasks between various parties
A lot of the complexity in the London Market comes from the number of organisations that are involved and managing tasks and communication between them is often manual. For example, managing subjectivities between a broker and a customer, or managing a claim. A portal can be built to manage these tasks, setting deadlines and reminders to ensure they are completed on time. And you have a record of everything.
Extracting information from unstructured data
Currently a lot of the data coming in is unstructured and being able to extract it, is a hefty manual process. For example, the data from line slips. An app here could be used to provide some structure to the data so you are able to analyse it and use it for trends or better risk decisions. The ability to turn raw data into actionable information is very important.
Integrate with systems such as placing platforms
With a number of different placing platforms available across the market, it is often difficult for companies to manage. A layer that sits across current infrastructure and integrates with placing platforms would have a huge benefit in efficiency gains and provide a place that delivers a single version of the truth.
The winning idea
The idea that was chosen at the event was… drum roll please….. subjectivities. This was a popular idea within the group and one that would have a real benefit to the end users, as many were frustrated with the current way of working.
Then the clock started. We gave one builder just five working days to produce a minimal viable product, ready to show back to the group the next week.
So how did we do? Day 1 was spent further scoping out the process with subject matter experts, so we could get a handle on what would be needed. Then the real fun began. 49 pages, 30 rules, 25 sub-sets, 17 composites, 12 custom events, 10 message templates and three data imports later, we were ready to see the finished product.
The application allows a broker to manage subjectivities with the customer, ensuring that they are met and evidence to that effect is provided. The broker can view the policies against their customers, see the subjectivities, note what evidence the customer needs to provide and allocate these to the customer. A customer portal allows the customer’s employees allocated to these evidence requests to upload and document these. Brokers can set deadlines for the customers to meet, as well as internal deadlines for review, ensuring the evidence is provided in a timely manner and can be made available to carriers as necessary.
Presenting back to the group a week later, showed how quick apps are to build. Everyone in the group was impressed with how much was done in so little time. And some even questioned if we really only had one builder on it. We did, and we did let him sleep as well!
Building at this pace could only be done with low-code. And it doesn’t stop there. This application itself will now be further developed into an enterprise-grade application with integrations into systems such as PPL.
Want to challenge us? If you have an idea for an app, let us know. You can submit your ideas here.Learn more