Providing Clients in London Market with Claims Adjustment, Agreement And Settlement in a Completely Paperless Environment
London, November 16, 2006 – Guy Carpenter & Company Ltd., the leading global risk and reinsurance specialist and a part of the Marsh & McLennan Companies (NYSE: MMC), and Amlin (LSE: AML), the leading Lloyd�s insurer, today announced that, in continuing with the successful implementation of their Electronic Claims File (ECF) initiatives in the London Market, they have completed the Market�s first fully paperless claim settlement. As one of the first intermediary/reinsurer trading relationships to offer ECF, a key component of the broader London Market reform process, Guy Carpenter and Amlin will now be able to process and conduct all new claims transactions in a completely paperless environment, significantly enhancing client service.
As Guy Carpenter previously announced, ECF radically improves the current London claims process, which requires reinsurance brokers to ship paper documents from regional offices to London and then distribute them by hand for review and agreement by underwriters, resulting in service delays and the inability for all parties to easily and efficiently access claim information.
�Innovations in technology have made it possible to conduct almost any type of business transaction more effectively, more consistently and above all more efficiently than more traditional means. Guy Carpenter is proud to be at the leading edge of these initiatives and will continue to assist the London Market to maximise these developments within the Reform Programme. Our trading relationships and the natural progression to a paperless environment represents a major milestone for London, Guy Carpenter and client servicing,� said Geoff Bromley, Guy Carpenter�s Chairman of European and Asian operations.
David Turner, Amlin�s Claims Manager, commented, �Amlin is committed to leading in all aspects of process change, from pre-placement to claims settlement, working with our brokers to provide better quality service to our clients. As the global insurance market becomes more transparent, we anticipate that differential service standards will prove a key factor in the selection of both broker and risk carrier.�
�While we have been trading electronically with Amlin since 2004, we have had to continue producing a paper file concurrently with transacting business electronically in all our trading relationships. Until now, clients and markets have not been able to reap the full benefits of ECF,� said Frank Hudson, Senior Vice President, Guy Carpenter. Mr. Hudson added, �We are pleased that we now have the ability to completely remove paper from the claims process. For the first time, there is immediacy in the claims adjustment process, giving our clients primary access to their reinsurers and allowing Guy Carpenter further opportunities to provide a superior claims service.�
Guy Carpenter and Amlin launched their ECF initiatives as part of the London Market Principles (LMP) market reforms programme, which outlined a broad programme for improving claims processes, facilitating faster decision-making and providing improved claims service to their clients.
Guy Carpenter & Company, Inc.
Guy Carpenter & Company, Inc. is the world�s leading risk and reinsurance specialist and a part of the Marsh & McLennan Companies, Inc. Guy Carpenter creates and executes
reinsurance and risk management solutions for clients worldwide through 2,600 professionals across the globe. The firm’s full breadth of services includes 16 centers of excellence in Accident & Health, Agriculture, Alternative Risk Transfer, Environmental, General Casualty, Investment Banking*, Life & Annuity, Marine & Energy, Professional Liability, Program Manager Solutions, Property, Retrocessional, Structured Risk, Surety, Terror Risk, and Workers Compensation. In addition, Guy Carpenter�s Instrat� unit utilizes industry-leading quantitative skills and modeling tools that optimize the reinsurance decision-making process and help make the firm�s clients more successful. Guy Carpenter�s website address is www.guycarp.com.
Amlin plc is a recognised leader in the London insurance and reinsurance market, providing a global client base with risk management solutions. Amlin specialises in four business areas: Aviation; Marine; UK commercial; and International property and casualty insurance and reinsurance. A FTSE-250 quoted company, Amlin owns 100% of its �1bn capacity for 2006, which is written through Lloyd�s Syndicate 2001. www.amlin.com