Lloyd’s Market Association chief executive Sheila Cameron has called for the creation of a digital marketplace in London that seamlessly links insurance and reinsurance processing tasks, from proposal to claims.
Speaking at the Insurance Network’s recent TINtech conference, Cameron said of this proposed digital marketplace: “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.”
She continued: “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.”
A combination of market initiatives that integrate with platforms developed by individual insurers and brokers will be necessary to achieve a full digital marketplace, she said. “Cooperation is typical of the London market ecosystem. I have no doubt that we will achieve true digitisation success, but only through multiple efforts, some market-wide, some individual, and some through joint ventures.”
Cameron 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.”