Week three



Midway through Discovery and some interesting themes are appearing...

Half way through Discovery and looking back at the findings of yet another eventful and productive week on LMA Dare, we’re excited to share our findings with you.

Eat, sleep, workshop, repeat...

We’re building up real momentum with the workshops at this point in the schedule, with 8 Discovery workshops and 4 one-on-one SME interviews successfully completed to date.

We’re exactly midway through the Discovery stage of the project and after initially seeing most of the workshop output focussing on Compliance, we are now also starting to see some themes surface in the Contracting and Annual Renewal areas of DA. As you can see from 2 weeks of workshops, we have witnessed brilliant engagement from the Global DA community and would like to say a big thank you.

Discovery output insights
Click the image above to explore the MIRO board

(EARLY) Innovation

The team at Brit Insurance were kind enough to offer their time to work with us this week and look into the root causes of some of these points. Thanks team Brit, you were awesome!

We started this discussion by reviewing a summary of individual points raised in the Discovery workshops about Contracts and Annual Renewals in the form of problem statements:

The team at Brit put forwards lots of great ideas as to how contracting and renewals could be done differently including:

  • Separating compliance activities from the underwriting activities so that compliance checks occur closer to real time as needed.
  • Removing duplication of effort by combining checks with the audit activities that take place each year.
  • Considering the frequency and level of checks needed for Coverholders based upon each Coverholder’s level of experience and performance within the DA market.
  • Approach capacity/funding as a trading platform type model.
  • Use e-signature and workflow type solutions to sign/stamp slips more efficiently.

By the end of the workshop it was clear that to bring about significant and lasting improvement in DA, some fundamental problems need to be solved. A key one that emerged in this regard is access to trustworthy and usable information, as and when required. 

Some insights from the Brit Innovation session.

  • Access to information should be readily available to all who need it, when they need it.
  • Holding information in separate silos is slowing down decision making in DA, and causing duplication of effort and output.
  • DA is a global market, information should be stored and accessible via digital means. Paper creates bottlenecks  and prevents everybody from seeing the whole picture.
  • A single source of truth that can be relied on is required.

Because DA is a global market that relies on the sharing of information across multiple stakeholders in the chain, understanding how digital solutions can assist stakeholders to do more of the things that add value, will be a theme that we investigate during the Innovation stage of the project.

What’s next?

In addition to continuing with the Discovery workshops and SME interviews, we will be starting to undertake some further Innovation workshops to dig deeper into these problem statements and identify the ways in which DA can be reimagined for you.