As we complete the fourth and final week of innovation workshops, it's time to reflect on the findings and how this shapes our work to build the vision for a re-imagined DA.
As we complete the fourth and final week of innovation workshops, it's time to reflect on the findings and how this shapes our work to build the vision for a re-imagined DA. Read on to find out more.
We closed out the Innovation stage with a bang this week, facilitating a further 7 workshops. As always, the level of engagement across the DA community was amazing and this week we saw some great ideas and challenges being put forwards for:
Our thanks to all who attended and contributed this week. Each and every one of the points raised feeds into a new vision for how DA could be transacted in a way that places focus on delivering quality product and experience across the market.
To bring this stage of the project to an end, the final Innovation workshop was a superb mixed session about Claims where some great ideas to improve the policyholder experience were discussed. From reducing the time it takes to get money to the policyholder, bringing transparency to the ‘black hole’ that Customers and Coverholders tell us they experience when waiting for response to a referral, or enhancing the loss prevention capabilities of Coverholders - All are possible when everybody has access to the information and tools they need to understand and make decisions.
Reflecting on the points that have been raised in the Innovation workshops, it's clear that the possibilities of a digital experience layer which connects to the best existing and future systems to surface information in a single, timely view for those who need it when they need it could be huge!
Below are just some of the key takeaways that were put forward in the 4 week Innovation phase and will be included in the vision that we build out for you this month:
Onboarding - Making it easy for both existing and new Coverholders to sign up to a digital DA marketplace in a way that uses data to automate checks at entry and ongoing:
Product Collaboration - Bringing the right people together as efficiently as possible in the ‘new normal’ to build quality products:
Binding & Placing - Providing a digital means to have the discussions that currently take place at a box about a slip:
Ongoing Capacity - Moving to a world where capacity is a given until notice of withdrawal is served:
Oversight - Taking advantage of efficiency opportunities to connect with 3rd party services and data stores to make data closer to real-time and easily visible in a single place:
Rating - Using data to make ongoing objective risk based decisions about different entities within the DA market:
Claims Handling - Using the ability to access information faster, in a single place, to improve the claims experience of the Customer and involved DA stakeholders:
Funding - Using the benefits of having quicker, easier access to information to:
A big question that needs to be answered is how these ideas align with and can leverage the work that is underway in Future at Lloyd's. Understanding this will allow us to identify key areas of integration and also flush out any gaps that need to be filled in order to make your vision of a digital experience layer a reality.
As we exit the Innovation stage and start to document the vision for a re-imagined DA world, one of the first things we will be doing next will be to engage with Lloyd’s, share and discuss your ideas and consider how these fit with existing FAL change initiatives.
There is a lot of work to do now to document your vision and each week we will aim to release more and more materials to show you how this is progressing and invite you to let us know what you think. Although the innovation workshops are now finished, we’d love to keep talking and hear your thoughts and ideas as this vision takes shape. Please do keep checking back for the latest here and reach out to us with any feedback or ideas.
The next stage of Project Dare is going to be Revolution, adding detail to the vision that has been born from the Discovery and Innovation workshops and considering the best means of making your vision a reality for you.