01/02/2008 – Lloyd�s has today set out plans to accelerate the pace of change in the market�s claims performance. Following successful completion of the Strategic Claims Review, the new Claims Change Programme (CCP) will be driven by Lloyd�s Franchise Performance Directorate and a newly-created LMA claims group.
The key aim of the CCP is to deliver an improved Lloyd�s claims service through:
- Differentiating between complex and standard claims to enable both claims categories to be handled more effectively.
- Redesigning processes for managing complex and high value claims to allow greater input by followers.
- A more detailed understanding of future requirements to enable the market to make long-term strategic investments in technology.
- Enhanced Management Information at managing agent and market level to improve performance and reporting, including data quality and cleansing initiatives to maximise data accuracy.
- Lloyd�s Franchise Performance Directorate focusing on facilitating and evaluating managing agents’ performance improvement.
- Lloyd�s, managing agents and XCS fostering a collaborative approach to maintain the strategic direction for claims over the next three years and beyond.
These proposals were developed by the Lloyd�s Market Strategic Review Steering Group, comprising London Market businesses and claims leaders, drawn from a range of Managing Agents. The group was tasked with looking three years ahead and identifying the most efficient and effective way for the Lloyd�s Market to manage its customers� claims.
The Strategic Claims Review has validated the Market�s claims operating model and concluded that further development will enable increased effectiveness of the claims service, strengthening the Market�s competitive position.
The Lloyd�s Market Association Claims Committee will work with Lloyd�s Franchise Performance Directorate, Lloyd�s Managing Agents, Xchanging and the Lloyd�s Broker community, to deliver these changes through the Claims Change Programme.
Kent Chaplin, Lloyd�s Head of Claims:
�Claims management in the Lloyd�s market has been an area of real focus over the last three years. With continued market involvement, commitment and support, implementation of the initiatives identified during the Strategic Review will build on the market wide momentum behind the reform agenda, leveraging the increasing opportunities presented by electronic trading.�
David Gittings, CEO, Lloyd�s Market Association:
�Amendments to the agreement process and shared claims services will lead to an enhanced customer experience as claims service is increasingly tailored to match claims complexity thereby reducing the average settlement time and focusing experienced market resource where their input will add the most value.�
Mark Thompson, Managing Director, XCS:
�We are looking forward to working with the claims community to streamline processes and improve the claims handling. XCS� key goal for 2008 is to become the market�s trusted business partner for shared services. We see this initiative as an opportunity to demonstrate to our customers that we are committed to meeting their requirements.�
Lloyd’s is the world’s leading specialist insurance market with a capacity to accept insurance premiums of more than �13.7 billion in 2005. It occupies sixth place in terms of global reinsurance premium income, and is the second largest surplus lines insurer in the US. In 2005, 62 syndicates are underwriting insurance at Lloyd’s, covering all classes of business from more than 200 countries and territories worldwide. More about Lloyds at www.lloyds.com Lloyd’s is regulated by the Financial Services Authority.