The LMA claims team is at the forefront of collaboration and advocacy for the Lloyd’s claims community. By working closely with Lloyd’s, external stakeholders and government bodies, we promote efficient operating environments that empower the Lloyd’s claims community to achieve excellence at management, technical and operational levels. We are committed to securing effective shared solutions for collective claims challenges.
“Our goal is to unite the claims community, elevate the claims proposition and attract and retain the best talent.”
The Lloyd’s claims community’s strength comes from its deep expertise, ambition to continually evolve and ability to come together to find solutions to problems and drive positive outcomes.
The London market is in a period of significant change. With this change comes a fantastic opportunity to generate lasting improvement, overcome existing barriers and deliver claims services that meet expectations and continue to develop.
Our own market research led us to seek views from a range of stakeholders – managing agents, brokers, fellow trade associations, customer representatives, vendors and service providers. This research directed us to four strategic focus areas. These represent the areas of most importance for the claims community and where the whole claims community would benefit from a coordinated approach led by the LMA.
Goal: Elevate the voice of the customer, deliver insights and enable continuous improvement.
The Lloyd’s market serves an incredibly diverse range of customers. That diversity is reflected in the breadth of products purchased, the various routes into the market and the many different claims servicing models.
We know the value of having a customer-led approach in business and servicing the needs and expectations of customers continues to be of utmost importance to our members. Our research tells us we have a unique opportunity to spotlight customer needs and explore how we can further elevate the claims proposition.
The LMA will support the market in understanding and leveraging that opportunity. Our approach will be to test and learn. We will draw on our ability to bring stakeholders together in the right environment and seek opportunities to gather customer insight. In doing so, we will ensure members are well informed and their ability to innovate and differentiate is enhanced and not compromised.
Goal: Build trust and capability.
Data is a powerful tool in claims management. Partnered with the right capability, data can inform and support decisions, streamline and/or automate processes, reduce cost, improve customer experience and mitigate risk.
Our operating models in the main do not provide the claims community with sufficient opportunity to drive data-led decisions or harness the power of data to support continuous improvement in areas such as risk mitigation and product development. We believe these opportunities are on the horizon and the LMA will support the market in articulating its ambition for claims data, identify opportunities and develop capability in data analytics. Through this work we will build trust and confidence in the use of claims data to inform and make decisions.
Goal: Close skills gaps and attract new talent.
Challenges with attracting and retaining talent have been consistently raised through LMA’s member engagement. External factors, including competition for top talent and a changing workforce demographic, continue to impact the claims community.
We are aware that capability and capacity challenges are developing across most classes of business and we need to better understand and predict which areas are most at risk and when. We have also identified a need to develop the skills required to realise the benefits of digital change and to transform data into insight. Investing in the workforce will further elevate the claims proposition and help attract new talent to claims, promoting it as a destination career.
There are several market-wide early talent initiatives already underway, including those led by Lloyd’s and the London Market Group (LMG). In 2024, the LMA introduced two online job simulations designed to showcase career opportunities in claims. Developed in partnership with Forage, a global platform with over six million enrolments, these award-winning immersive simulations offer students a hands-on learning experience.
Goal: Leverage new technology and manage change.
The claims community, along with the wider market, is on a journey of digital change. Investment in our core infrastructure and shared market services presents an opportunity to challenge existing ways of working and to overcome the limitations of our current technology. These changes will enable the claims community to innovate and to explore different services that will enhance the claims experience and streamline claims processing in the future.
Our immediate priority is to ensure that the claims community are well informed of, and ready to respond successfully to, the changes introduced through ICOS (core digital claims solution). This type of change is not always easy, and we are committed to learning from past experiences of adopting new market services and realising benefits. The claims community needs to be armed with the knowledge and tools required to successfully implement change and leverage the benefits of new technologies.
By building productive relationships with all stakeholders, we will amplify our members’ needs and advocate to ensure these are met.
The LMA Claims Academy is designed to enhance the technical expertise of claims professionals across the Lloyd’s market.
It offers a structured learning pathway comprising of four progressive levels: foundation, intermediate, advanced and expert. This structure ensures that learning opportunities are aligned with individual roles and experience levels.
