Transformation in the London Market:
We have seen (and supported) first-hand the creation of innovation solutions in areas such as claims, policy, Artificial Intelligence and blockchain.
As a distinct yet separate part of the UK’s insurance industry, the London Market needs technology solutions specific to its needs. Those relying on technolcogy include insurance and reinsurance companies, Lloyds of London syndicates and brokers. Each playing a part in the conduct of internationally traded insurance and reinsurance business, and an increasing emphasis on high-exposure specialty risks.
As a sector that has been operating for almost 350 years, it may seem surprising to witness business transformation on a large scale, yet that is what is happening. We see the appetite for collaboration and innovation as insurers build the capabilities required to compete in a changing landscape.
As a systems integrator with deep roots into the London Market, we have seen (and supported) first-hand the creation of innovation solutions in areas such as claims, policy, artificial intelligence and blockchain.
Since our delivery of the first ever London Market Guidewire implementation to Beazley (to reduce its reliance on legacy systems and improve its claim management process), we have been helping integrate core technology to transform and achieve growth – to better serve the market. In our 20+ years of operation, Business Agility has fostered many long-term relationships and we know London Market intimately.
Our experience of integrating systems with London Market Messaging (CWT, SCM, LIMCLM, etc.) has delivered functionality such as:
– Automated FNOL
– Synchronising with ECF2
– Rule-based decision making (e.g. workflow triggers, claims segmentation)
Our unique experience implementing solutions, such as Guidewire products, in the London Market has given us an unparalleled understanding of how platforms need to be configured and integrated. We delivered Guidewire’s first (and second) London Market Messaging modules, giving insurers like Torus and Enstar the ability to consume LIMCLM and SCM messages. Building on hard-won London Market delivery experience we helped develop functionality relating to Multi-Currency and ACORD standards.
Beyond Guidewire delivery, we have been closely involved with supporting initiatives such as the London Market TOM framework and, more recently, blockchain solutions for enhanced Claims Settlement in accordance with Blueprint Two.
Empowering one of the world’s most complex markets with modern and transformational solutions is something we’re very proud of.