This article is part of a series of informative blog posts about the Lloyd’s minimum standards for claims management.
Lloyd’s has an established claims journey which has been refined over many years, all the way from its beginnings in Edward Lloyd’s coffee shop and through the San Francisco earthquake of 1906, to the present day. This means that the claims process and standards that have been employed keep Lloyd’s as a leading light in claims management.
Now, let’s take some time to examine some of Lloyd’s processes more carefully…
In this digital age where terms such as ‘Big Data’ and ‘The Internet of Things’ are banded about, it’s easy to get overwhelmed and find it difficult to ‘see the wood for the trees’ so to speak. With all this data now available to us, how can you harness it and use it to your advantage so that you can make more informed business decisions?
Welcome to the third and final part of our blog which covers the results found in our recent insurance supply chain survey. Our full report is 25 pages long so we’ve decided to share our findings and insights in three separate digestible chunks.
Part three: The moment of Truth – Claims Perfection or Resolution?
The experience of the claimant is the ‘moment of truth’ for the insurer and third party suppliers are often the only direct contact for the claimant, or have the most concentrated dealings. Most often, claimants are unfamiliar with the process, especially if it’s their first claim. They do still however expect a high level of service similar to ones they experience with more familiar consumer services such as Amazon, Sainsbury’s online or even British Gas Homecare. They will want to be guided through the process and have status updates pushed to them or easily accessible.
Welcome to the second of our three part blog which covers the results found in our recent insurance supply chain survey. Our full report is 25 pages long so we’ve decided to share our findings and insights in three separate digestible chunks.
Part two: Common frustrations and desires for insurers and suppliers
As part of our survey we asked insurers and suppliers about where they thought improvements could be made with regards to working together in a more efficient way. We asked what pitfalls there might be when it came to sharing claims information across their supply chains and this highlighted some common frustrations and desires for both parties…
(As originally featured in Supply Chain Digital)
Increased efficiency, reduced transport costs, positive company image and access to government incentive programmes: these are just a few of the rewards of a corporate social responsibility (CSR) strategy that takes supply chain issues seriously. Despite this, some businesses understandably hold back from fully integrating CSR into their supply chains, fearful that existing supply chains are too complex, too well established, and that it will be difficult and expensive to set up and maintain meaningful ethical practices. They’re concerned that making changes to their supply chain will negatively impact their bottom line, and so they choose profits over ethics – not realising that the two are no longer necessarily mutually exclusive.
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We are delighted to announce that we have been shortlisted at this year’s Retail Systems Awards for the category of ‘Online Technology Vendor of the Year’. Our entry is for the work we have done to develop and implement our ‘Lighthouse Ethical Trade’ product. We developed the product alongside our retail fashion clients so we can offer best practice ways of working for retailers looking to improve visibility and ethical compliance in their supply chains.
There’s never been a better time to gain fuller visibility and control of your supply chain. Supply chain disasters have dominated the industry news for months, from last year’s dreadful Rana Plaza collapse through to the more recent issues with toxic chemical traces found in certain clothing brands.