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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.