Blog: Week 4 with BelMead TechFri 2 Nov 2018
Week 4! How time flies when you are trying to disrupt a 330-year-old marketplace!
I’ll begin by linking back to what Diego from QnityRe said in last week’s post: ‘We would like to add a fifth element: Simplification.’
‘Simplify’ not only is it in the name of our product ‘Simplify Claims’ but more importantly it has been a word that keeps popping up in the discussions we are having with Lloyd’s and the market. Multi-subscription claims will always have an element of complexity to them – especially those that come in and out of the Lloyd’s ‘building’. But is there a better more efficient way of handling the management of these claims, that will add value to a claims handler’s role within this unique and dynamic market? Well, that is why we are here.
BelMead Tech was founded because of the problems our sister company Belvedere Mead were facing on a daily basis. We all want to work in a collaborative, transparent and flexible market. Unfortunately, in terms of claims this is not how the current system works. We find ourselves working in silos with constant emails flowing back and forth from the Broker or Third Party Administrator (TPA) to the claims agreement parties. Surely there is a better way?
After a significant amount of research, which came to no avail, we decided to follow the adage ‘If you want something done right – Do it yourself.’
We are offering a solution that is built by experts for experts as we know that handling claims on complex multi-subscription party risk is not the easiest role on the planet!
So there is a little bit about how we have found ourselves thrown into an accelerator innovation lab only two blocks down from our regular office.
So how are we finding the whole experience?
Despite this being a fast pass accelerator program, we are still finding it difficult to push the boundaries of what has always been done in the London Insurance Market. The support from the lab team is brilliant, but all of us first cohorts need to keep pushing in order to truly make a difference and play our role in bringing this industry into the 21st century! – Not our words – words from someone who has worked in the market for over 45 years!
Despite what I just said, the sheer fact that we are here and that this lab exists is showing tremendous progress and is the positive nod to change that WILL happen in the London Market and the simplification that WILL happen towards handling a claim. We need to make the process simpler and more efficient . After all, handling claims is what this profession and market should and always will pride themselves on.
If you work for a TPA or London Market organisation dealing with referrals from TPAs and Adjusters and want to find out more about how you could be involved in our journey, then reach out by emailing firstname.lastname@example.org.
Elaine Mason & Olivia Ash