Lloyd’s Market Association (LMA) CEO Sheila Cameron has called for the creation of a digital re/insurance marketplace in London to deliver more responsive and cost-effective products to customers.
Speaking at the Insurance Network’s TINtech conference, Cameron, who was appointed to the role of CEO in January 2019, suggested the digital marketplace would free market experts to concentrate on adding real value for customers by seamlessly linking processing tasks from end to end, from proposal to claims.
She stated: “Our goal must be to build completely connected individual organisations that link seamlessly into a digital marketplace where everything works together. Every system will need to interface with all the others.”
“Ultimately we need to digitise the entire process from end to end, but by saving costs through early wins, we will yield the cash to fund the rest of our digital journey.”
Cameron added that as cooperation is typical of the London market ecosystem, she has “no doubt that we will achieve true digitisation success”.
She added that this could only be achieved “through multiple efforts, some market-wide, some individual, and some through joint ventures”.
She concluded: “When our end-to-end process is fully digitised, we will be able to deliver products to our customers that are even more responsive and cost-effective.”
“That is the objective of London’s digital journey.”