General Insurance Article - PwC and LMA publish claims workforce of the future report

PwC and the Lloyd's Market Association (LMA) have today published a new report focusing on insurance firms writing business in the London Market.

 The London Market Claims Workforce of the Future report highlights the need for the market to focus on its claims workforce so that the people within it have the relevant skills and talent to make best use of the new technologies that will be delivered as part of the modernisation and transformation initiatives.

 By effectively combining the workforce and technology the market has the opportunity to create bionic claims teams that deliver market leading customer service, the report suggests.

 The future modernisation and transformation of the London Market and wider insurance industry will see the claims process evolve from where it is today, the report finds. Processes will become more efficient through automation, with the streamlining of workflow and the removal of unnecessary manual tasks, freeing up the workforce to focus on value-adding tasks, for which they will require new skillsets to deliver.

 Michael G Cook, UK Claims Advisory Leader and partner at PwC, said: “The evolution of the claims process will result in an increase in the need for data analytics and customer focused skillsets and roles, with a decrease in the need for low value-add activities. To maximise the opportunity that the market has, a significant level of investment in the upskilling of the workforce needs to be made.

 "While it is right the market focuses on updating its technology, we need to be careful not to lose what makes the market unique: the people. PwC and the LMA believe that more focus is needed to transform the workforce and processes if employees are to work effectively in the future claims landscape."

 This report seeks to support the market in identifying the necessary actions. It is undoubtedly the people in the London Market – their skills, experiences, and their relationships to one another and their clients – that make it stand out. However the people skill agenda is not high enough onorganisations’ priority lists as it currently stands.

 Michael G Cook, UK Claims Advisory Leader and partner at PwC, added:“Technical claims knowledge will be needed to help customers shape their loss mitigation and prevention strategies. Whether a risk manager of a global corporate, or an end consumer, customer expectations are high, with all customers expecting the level of service that they would get from other non-insurance products e.g. online banking, booking travel and purchasing goods.

 "Against this backdrop of modernisation, claims managers and directors will need to develop the skills and strategies to manage change. The best insurers will become bionic, with technology and the workforce working in tandem to deliver best in class outcomes for the business and customers alike.”

 Claims Workforce of the Future - London Market

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