Week Nine



End of the road for Innovation...

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.

End of the road for Innovation...

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.

Innovation - Week 4

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:

  • Options to improve the Claims experience for policyholders
  • Which elements of the end-to-end DA journey are the most important to different stakeholder groups
  • The areas of a DA transaction that Brokers add the most value to
  • Solving today’s problems in a way that supports the DA market to grow in existing and new territories

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.

Human-led. Data driven. Digitally enabled.

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:

  • Make this element all about establishing the suitability of the entity to work within the market (Financials/PI/Operational Resilience Docs etc) - looking separately at product/underwriting
  • Opportunity to sign up once so that able to engage with all capacity providers in the DA market
  • Opportunity to challenge the need for sponsorship to join, whilst recognising that being an approved Coverholder has prestige
  • Don’t award approved Coverholder status until the first proposition/product is launched/live
  • Use APIs to connect to available 3rd party services so that as many checks as possible can be automated - exceptions flagged for human attention
  • Use digital document reading and e-signature technologies to remove the need for any paper in this process

Product Collaboration - Bringing the right people together as efficiently as possible in the ‘new normal’ to build quality products:

  • Bring all data about a proposition into a single place so that people can easily and quickly see what they need to see when invited to collaborate
  • Provide options for creation of a high level summary to gauge interest without spending lots of time and effort first, or a more detailed business case for more complex products or ones where the idea is mature
  • Facilitate tripartite working between Coverholders, Brokers and Managing Agents

Binding & Placing - Providing a digital means to have the discussions that currently take place at a box about a slip:

  • Making the data that has been viewed by leads to make a commitment visible to Follows - removes duplication of requests for information from the Broker or Coverholder
  • Could use workflow to support Brokers in moving the conversation between different Follows, allowing them to create an electronic ‘market list’
  • Opens potential for Follows to setup rules regarding automated initial decision making on specific products or following certain Underwriting leads

Ongoing Capacity - Moving to a world where capacity is a given until notice of withdrawal is served:

  • Replace the concept of annual renewal with checkpoints to assess performance and make any required amends
  • Create the ability for contracts that are assessed as fine to be left to run until next review without the need to recontract each year
  • Having the data available in a single place and using workflow to share this data with parties has the potential to shorten the time frame needed to replace capacity where this is required

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:

  • Move to a model of continuous checks using APIs to 3rd party services so that the need to take action is flagged by exception rather than being an annual event
  • Use digital solutions to read and extract key content of documents like PI insurance docs and use this data to drive activities like renewal dates reminding the Coverholder that something is due in advance and flagging by exception cases where the required activity has not taken place
  • Enable Coverholders and TPA’s to share risk level data in as close to real time as required, with API connectivity default standard
  • Make this risk level data provided by Coverholders and TPA’s accessible in a single place so that it becomes possible to easily share information, overlay with external data feeds where needed and make more timely and informed decisions

Rating - Using data to make ongoing objective risk based decisions about different entities within the DA market:

  • Could drive, even automate decision making as to the the level and frequency of checks to subject a Coverholder to each year, including frequency/focus of audit
  • Could be used to support decision making as to the most suitable TPA to appoint on a contract

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:

  • Change the claims model so that claims can be settled before or in parallel to the required reporting of this activity
  • Provide all interested parties with a means to understand what stage their claim is currently at
  • Allow underwriters and Coverholders to connect premium and claims data together faster
  • Opens potential to link to 3rd party event warning services and use this to drive pre-event communication with a Customer to assist with Loss Prevention and improved Claims experience should the worst happen and a claim be required

Funding - Using the benefits of having quicker, easier access to information to:

  • Shorten the amount of time it takes for an authorised claim payment to be made to Claimants
  • Make reporting on premiums easier to do, access and reconcile

So what next?

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.