Tradition vs. Transformation: Bermuda, Lloyd’s, and DOCOsoft

Earlier this year, DOCOsoft CEO Aidan O’Neill joined panelists at the Bermuda Risk Summit to discuss Tradition vs. Transformation. The panel looked at how insurtech is propelling the risk management and risk transfer market into the digital era, streamlining processes, and rapidly turning raw data into actionable insights. The panellists agreed that technology can bring about a hugely positive transformation. But what about the time-honoured traditions that have made the (re)insurance market what it is today? 

The rich history and traditions of the Lloyd’s of London market have been closely intertwined with the Bermuda market since the mid-1990s. Back then, Bermuda was still an emerging reinsurance domicile, just embarking on what has since been a steady flow of acquisitions from the Lloyd’s market. It was then that companies like ACE and Mid Ocean Limited acquired interests in a handful of leading Lloyd’s entities. 

Since then, the relationship between Lloyd’s and Bermuda has grown significantly, with Bermuda’s ABIR members alone supplying 42%, or £14.4 billion in capacity for Lloyd’s of London Syndicates in 2020.  The two markets stand side by side in a shared commitment to managing risk worldwide, two sides of the same coin, with one deeply rooted in tradition, and the other known for its agility, ability to innovate and its speed to market.   

As this year’s Risk Summit drew to a close, I was pleased to hear the announcement of a new collaboration between Lloyd’s and the Bermuda Monetary Authority (BMA). The focus will be on fostering innovation through the Lloyd’s Lab and improving access to education across the Lloyd’s and Bermuda markets with the support of the Lloyd’s Market Association (LMA) and the Association of Bermuda Insurers & Reinsurers (ABIR). 

Bermuda’s reputation for excellence and innovation is undisputed. But, over the last 13 months, one thing that has become abundantly clear from many conversations I have had with carriers is the challenges (re)insurers face trying to find a fit-for-purpose claims management system. Which is where DOCOsoft comes in. 

For more than 15 years, DOCOsoft has recognised the importance of retaining the best aspects of traditional practice while always pressing to enable new and better ways of working. Rather than telling carriers how they should process claims, DOCOsoft has learned and pulled the technology together to find true best-of-both-worlds solutions. 

DOCOsoft often quotes its mantra of pursuing engineering excellence, but I would argue that DOCOsoft’s people and they deep immersion in the markets it serves have been every bit as influential in establishing it as London’s leading provider of claims management systems, including half of the Lloyd’s market. 

When DOCOsoft onboarded its first Bermuda client a couple of years back, it opened a whole new world of possibilities for itself and for Bermuda-based (re)insurance entities. Over the past few years, DOCOsoft people have been regular visitors to Bermuda and quickly recognised the synergies between Bermuda and Lloyd’s – and how much Bermuda carriers could benefit from the advanced claims technology DOCOsoft provides to its clients in London. 

That’s how I came to join the DOCOsoft team, as the company’s local representative. Travelling back and forth between Bermuda, London and the US, I’ve become increasingly aware of both the differences and the commonalities between the world’s major (re)insurance markets – and the value DOCOsoft has to offer on the claims side of things. 

As DOCOsoft continues to expand its presence in the Bermuda market – and to sponsor and participate in events like the Bermuda Risk Summit – I and my DOCOsoft colleagues look forward to engaging further with industry stakeholders. We’re keen to explore ways of collaborating productively with the local claims community and putting technology to use in empowering the transformational spirit of the Bermuda market. 

The idea of harnessing tradition and transformation is definitely one that DOCOsoft embraces, enabling it to bridge the gap between human expertise and automation, enabling carriers to manage claims more accurately, efficiently, productively and profitably, improving operational resilience, and providing real-time reporting to meet ever-more-stringent compliance and regulatory requirements. 

If you would be interested in learning more about DOCOsoft, please drop me a line at helen.souza@docosoft.com.