London Market Transformation: Claims Management Systems

Insurance technology should be an enabler, but is often faced with a barrier to progress. Post COVID-19, more insurance C-Suite executives are increasingly vocal about their digital agenda. With those executives working from home and employing digital assets in news ways, it has alerted London market claims practitioners to the alternative opportunities. In the first of a series of blogs, we will ask how we can enhance the Claims Management System experience.

Head of Claims are considering how they can improve the user experience. There is a renewed focus on improving the ease of doing business, creating less friction and introducing more speed in terms of straight through processing, especially paying out claims more quickly.

Recent insurance and claims conferences or events (held virtually, of course) promise a very different looking ecosystem, that is more open to competition with multiple systems. Lloyd’s of London, for example, is currently working with 50 market participants in closed Beta groups to form its version one of core data records in IMRC, and will start having a dialogue with all market participants from March onwards, in which anyone can engage. Lloyd’s is looking at various “personas” – as it calls them – a different marketplace and how it can support the adoption as a focus of 2022.

Supporting the Claims Ecosystem
How claims management systems in 2021 will support that ecosystem is a big question facing Heads of Claims today. More than 20 Lloyd’s Managing Agents and companies have already made their decision by signing up to the DOCOsoft Write Back CMS, but that still leads dozens of EC3 carriers stranded without dated dated legacy systems or contemplating moves to upgrade from their existing suppliers.

You might think that take up of new claims systems might fall in this lockdown period as companies ponder their options but , if anything, DOCOsoft has been pleasantly surprised by carriers’ willingness to invest in new leading edge claims capability.

One new client, for example, which is one of the top 10 insurers in the Lloyd’s insurance market, was looking for a workflow solution to replace its existing, internally built CMS, which didn’t offer any Write Back capabilities at the time. Within their old system, everything had been done via ECF physically in terms of having to deal with the claims. The client required a platform that was Write Back capable and included a number of DOCOsoft modules.

In the next blog, we will look at how DOCOsoft has thrived during lockdown, continuing to support existing and new clients virtually.