Through Miller’s in-house capabilities and involvement in over a dozen London market modernisation boards and steering groups, we help to influence the direction of technology and innovation in the London market, representing our clients’ needs and unique business requirements.
In this article, Miller’s Head of Technology and Innovation, Christian Kitchen, talks about our latest tech developments and some of the innovative London market initiatives in which we are involved.
Online services relaunch
In time for the recent WSIA Annual Marketplace event in San Diego, we were delighted to launch our greatly enhanced Miller Online Services platform. Designed for MGA and carrier clients, the online platform provides real-time access to exposure data and mapping, policy information and aggregated data reporting, and a premium confirmation service, allowing clients to quickly and easily validate premiums.
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Enhancements introduced include advanced Business Intelligence reporting, powerful geospatial mapping providing detailed insight into risks, and an updated user interface that works beautifully on desktop, tablet and mobile.
Alongside the relaunch, we recently developed a custom portal for a major client that provides risk coverage to a number of top-tier sports teams. The portal provides both the client and those teams with policy, claims and document management functionality.
Going forward, we will be integrating these capabilities into our core Online Services platform, bringing these self-service features to a wider range of clients.
Blockchain partnership
Miller has been extending its technology partnerships and recently began collaborating with Insurwave, one of the first blockchain-enabled insurance platforms in the market.
The hype around blockchain or distributed ledger technology (DLT) has often fallen short of delivering real value in our market, but our initial discussions with Insurwave have been positive and we see potential in the technology and the platform to service our clients’ business.
We continue to stay abreast of the latest developments in DLT and will continue to engage with projects that drive real value to our clients.
Latest Lloyd’s Lab
The third cohort of the Lloyd’s Lab was recently announced, and Miller continues to provide insurance expertise and advice to the insuretech disruptors tasked with developing game-changing innovation in the Market.
This round, we’re working closely with a leading multinational data and analytics company, whose team is proposing a novel way of identifying and adding value to the insurance transaction. We look forward to seeing what they deliver on the demo day in mid-November.
Future of Lloyd’s programme – Blueprint One
We’ve also recently been advising working groups and committees involved in the Future at Lloyd’s programme, sharing ideas on innovative alternatives to some of the current market anachronisms.
On 1 October Lloyd’s published its Blueprint One which details plans for the use of technology in the Future at Lloyd’s initiatives. Blueprint One sets out the first stage of Lloyd’s vision to create the world’s most advanced and customer focused insurance marketplace with the widest range of products and services. It is the result of extensive consultation feedback from policyholders, intermediary customers and stakeholders across its global network, as well as deep collaboration between the Corporation of Lloyd’s, the market, associations and its advisory councils.
The next 6 months will be a period of transition and planning with 2020 earmarked as the start of the build of the various components of The Future at Lloyd’s, creating early versions of key components of the risk exchange, complex risk and claims platforms, and re-engineering the existing claims process.
From a Miller perspective we will continue to engage with the Future of Lloyd’s developments and continually assess the implications and opportunities for us and our clients. We are optimistic that it will to address inefficiencies with which the entire market struggles.
Click here to read Blueprint One in full.