Sue Langley - getting the message through
8 July 2008
Sue Langley hit the ground running when she arrived at Lloyd’s a year ago.
Previously Chief Operating Officer at Hiscox, she took up the new position of Director, Market Operations and North America with a brief to ensure that operational efficiency stayed at the top of Lloyd’s agenda, and to maximise the market’s distribution opportunities in the US.
Looking at the numbers, her message has got through. For example, the Lloyd’s market has achieved a significant reduction in claims settlement times over the past months.
Improving the efficiency of the claims process by ramping up usage of the Electronic Claims Files (ECF) initiative was a priority for Sue.
“We’ve made more progress than I thought possible,” Sue reports. “It was a real challenge to get usage up to 90% by the end of 2007.” Now 98% of brokers by volume are currently live on the repository and the remaining 2% will go live during 2008.
Sue, who’s impressive CV includes chairing G6 – the cross-market group set up to deliver change in the London Market - “tried every way possible” to encourage the use of ECF.
“The most controversial thing we did was to name the top ten brokers and managing agents ranked by use of ECF,” she admits. “Within an hour of naming them I had 42 phone calls and emails, some of them in capitals, from people saying ‘we should have been on that list.’ It caused a lot of debate but made a real difference to the uptake.”
The market has responded just as well in the area of Accounting & Settlement, and the service for paper original premiums ended in April. All paper will be removed from the system by the end of this year, Sue promises.
“We’re seeing real cultural change in the market on two fronts,” Sue says. “Change is all about improving the service Lloyd’s insurers offer their clients and further reducing the cost to brokers of doing business here. We want to ensure we are in the upper quartile in terms of service and value.”
Sue recognises that Lloyd’s insurers have worked hard to improve their processes and is now concentrating on making it easier for firms to fit systems to their needs.
“You can’t put a straightjacket on companies with different business models,” she acknowledges. “Membership of Lloyd’s delivers worldwide licences with an A grade financial strength rating. But we don’t always have to dictate how you operate your processing.”
Currently much of the information Lloyd’s requires (regulatory, tax and performance for example) is produced out of the processing that Xchanging performs on the market’s behalf. Now Lloyd’s is working to give companies the choice of producing data and reports either directly, through Xchanging or another third party. “We can’t operate by looking in the rear view, we have to adapt, be flexible and give choice,” Sue says. “And so far the feedback on this has been very positive.”
Another big step in Sue’s mission to open up distribution and communication channels in the market is the Lloyd’s Exchange project. Her aim is to put in place a very simple messaging exchange - or ring main, as she puts it - that allows all participants to connect with one another for minimal investment.
“We’re not trying to get rid of the face to face element. But people don’t need to wander around the Underwriting Room with notes on simpler risks and endorsements,” she says. “Do it electronically instead and then meet up when you have got something to discuss.”
Sue stresses the simplicity of the Lloyd’s Exchange. “Lloyd’s strength is the diversity of its managing agents and the brokers that want to deal with them,” she says. “I just want to make it easier for everyone to communicate with one another.”
With nearly a year under her belt Sue reflects on her time at Lloyd’s so far. “I am very pleased with the progress we have made so far as a team. I am looking forward to completing the work we have started and tackling the new challenges that lie ahead for us at Lloyd’s.”
Last updated on 08 Jul 2008
