Claims in the game

A shift is gathering pace in the London Market.

Claims transformation activity is moving rapidly, with increasing digitalisation, artificial intelligence (AI) opportunities and market-wide modernisation initiatives driving a transition away from traditional, labour-intensive ways of working to more efficient and technologyenabled solutions.

At the same time, rising client and broker expectations have contributed to a renewed focus on the claims function and its value proposition. No longer solely positioned as a middleoffice cost-centre, claims is increasingly recognised as a key driver of client experience and a source of competitive differentiation. This is particularly true against a backdrop of complex emerging risks, geopolitical uncertainty, macro-economic pressures and in the current soft market, while the elevation of claims management to an additional ‘hurdle’ principle at Lloyd’s has solidified its strategic importance.

Internally, the role and influence of the claims function is expanding across the entire value chain, with claims having an increasingly active voice in executive committee (ExCo) discussions, exposure management and portfolio optimisation, and individual risk decisions. This increased scope and role comes at the price of added strain on existing teams.

In this context, Deloitte surveyed a wide variety of London Market participants, from large established players to new entrants, encompassing syndicates, company market and dual platform carriers. We invited 22 Chief Claims Officers (CCOs) to share their priorities for the next cycle of claims proposition enhancements and explored how these are being realised across business design, talent, technology and AI.

This paper presents our research findings and outlines the key actions we believe London Market carriers must take to keep pace with the evolving claims landscape.