Unlocking the future of claims: Insights from the 2024 London Market Claims pre-event survey

The 2024 London Market Claims Pre-Event Survey gathered insights from attendees on the most pressing issues facing the claims sector today.

 As the London market evolves, the claims function is increasingly seen as the critical area where efficiency, innovation and customer service must all converge to deliver the brand promise and enhance business performance. With technology rapidly transforming how claims are handled, it’s no surprise that this year’s London Market Claims Pre-Event Survey highlights significant concerns, opportunities and priorities for senior professionals across the entire London market value chain.

The survey responses have shaped the agenda for the upcoming event, providing invaluable insights into the challenges facing claims functions today. From the adoption of artificial intelligence (AI) and automation to balancing workforce skills, these responses underscore the pressing need for transformation while maintaining the sector’s core strengths – I’d like to thanks all those who took part and look forward to exploring the challenges and opportunities further at London Market Claims on October 8^th.

Here is a summary of the key findings from the survey, focusing on the top five challenges that emerged.

 

 

1. Adoption of AI and automation in claims processing

Unsurprisingly, AI and automation took centre stage in the survey results. With the potential to revolutionise the claims process, these technologies are seen as both an opportunity and a challenge for the London market. Respondents indicated a strong desire to learn how AI is being used now and how it will shape the future of claims handling.

One respondent encapsulated the sector’s curiosity by asking:

"How can we use AI to improve efficiency? What tasks would not be suitable for AI and why?”

This sentiment reflects a broader need to understand the limitations and opportunities AI presents. It also hints at a tension between leveraging automation for increased productivity and safeguarding the human elements of claims management that clients value and often rely on.

Many are particularly interested in AI’s role in reducing manual processes and improving accuracy, as highlighted by another respondent who emphasised the importance of “using AI for automating aspects of the claims lifecycle and also AI for data scraping and analytics.”

For many in the London Market, there’s a demand for practical, real-world examples of how these technologies are delivering value and streamlining operations. Yet, the concern about the impact on the workforce is ever-present, with one participant asking, “Will AI take people’s jobs?”

For leaders in the industry, the challenge is to successfully integrate AI while ensuring a balanced approach that retains human expertise where needed. Understanding the limitations of automation is crucial to maintaining quality, especially in complex claims that require nuanced decision-making.

2. Data and analytics: unlocking efficiency

The insurance market is built on data, but the survey highlights a gap between data collection and actionable insights. Many respondents identified data and analytics as a pivotal tool for optimising claims processes, but there remains a significant challenge in harnessing the full potential of available information.

One of the key issues raised was the need to better integrate disparate data sources to drive more efficient operations.

As one respondent put it:

“How do we optimise and improve existing claims processes and get the most out of existing data. I’d like to explore what additional data we could capture and how it would benefit us.”

There is an increasing awareness that while data is plentiful, extracting value from it to improve claims performance requires sophisticated tools and strategies.

Another respondent stressed the importance of “driving efficiency in claims processes” through better use of analytics. The message is clear: data is no longer just a supporting function – it’s becoming central to transforming claims operations. For leaders, this means investing in tools, skill and capabilities that will provide actionable insights from data that can improve decision-making, streamline claims processes and improve client outcomes.

 

 

3. Balancing technology and claims talent

As automation becomes more integrated into claims operations, a key question arises: What is the future role of human talent in a tech/data-driven claims environment? This was a recurring theme in survey responses, where respondents expressed concerns about maintaining a balance between technological innovation and human expertise.

One respondent asked:

"Is technology just a tool or the primary future for claims, and if so, what is the future role for talent in claims?”

This question speaks to a broader uncertainty about how automation will impact the workforce. While technology can undoubtedly improve efficiency, there’s a recognition that skilled professionals remain essential for managing complex claims and providing high-quality service.

Another recurrent challenge was the difficulty in attracting and retaining talent in the face of increasing automation. As one respondent pointed out, “The key issue in the market is how we ensure we keep our best people and manage the change agenda—people will naturally think AI will replace them!"

There is a need for insurance leaders to create an environment where technology is seen as a tool to augment human roles rather than replace them. Upskilling and reskilling the workforce will be critical as new technologies continue to reshape the claims function.

 

 

4. Operational streamlining and efficiency 

In an increasingly competitive market, operational efficiency remains a top priority. The survey revealed a widespread desire to streamline claims processes, particularly by using technology to handle more routine tasks, freeing up human resources for higher-value activities.

One respondent focused on automation for low-value claims:

“Further automation to the claims set-up process for low-value claims…allows for increased productivity in other areas.”

This reflects the broader industry trend toward automating repetitive tasks, thereby increasing capacity to handle more complex claims. The need to enhance efficiency without sacrificing service quality was another recurring theme, with many respondents concerned about maintaining the high level of expertise that clients expect from the London market.

The desire for cost reduction was another key driver behind the push for operational improvements. With one respondent emphasising the need to “find ways to improve efficiency using technology without diminishing the level of service and expertise we offer our clients.”

For leaders, the challenge lies in implementing solutions that enhance productivity while preserving the quality of customer interactions and maintaining compliance with evolving regulations.

 

 

5. Implementing Blueprint Two and driving transformation 

The survey results also highlighted Blueprint Two, the initiative to deliver a digital market place. Respondents are eager for clarity on its progress and impact, particularly regarding how it will improve the efficiency of claims processing and deliver value.

One participant raised concerns about its implementation timeline, asking:

“Where are we with the delivery of Phase One of BP2, and when will this be delivered in 2025?”

This reflects a broader industry anxiety about delays and the potential impact on the market’s ability to remain competitive.

The integration of Blueprint Two with faster claims payment initiatives was another key issue. As the market waits for further progress on this initiative, many are keen to ensure that the benefits of modernising claims processes are fully realised. Across the value chain, the task will be to manage expectations while ensuring that the transition to new systems is smooth and that it delivers on its promise of enhanced efficiency and customer service. 

 

Conclusion: preparing for the future of claims

The 2024 London Market Claims Pre-Event Survey results paint a clear picture of an industry in transition. The drive to adopt AI and automation, unlock the power of data, and streamline operations is matched by an equally strong commitment to service and preserving the human elements that have long defined claims handling.

For senior insurance leaders, the challenge will be to navigate this transformation while ensuring that their organisations remain agile, customer-focused, and competitive. The future of claims is full of opportunity—provided that the industry can effectively balance technology with talent and operational excellence.