Tue 12 Jul 2011 – Claims transaction times at Lloyd’s have been cut by 40 per cent from 25 to 15 days, during the pilot phase of the Claims Transformation Programme (CTP), exceeding expectations and targets.
The CTP’s objective is to enhance Lloyd’s reputation for fast and fair claims handling and deliver more transparent, efficient and effective claims processes.
Around three quarters of claims within the Lloyd’s market are under �100,000 and it is these smaller more straightforward claims, by Lloyd’s market standards, that have seen the greatest increase in speed in the pilot. This has allowed Lloyd’s unparalleled market expertise to be focussed on the more complex claims.
Lloyd’s Head of Claims David Lang said:
“We were aiming for a 25 per cent reduction in claims transaction times, so to reduce times by 40 per cent is a great success. The qualitative reviews we have carried out also indicate an improvement in the quality of claims adjusting reinforcing the reputation of the Lloyd’s market.”
The pilot covered marine hull, property D&F and casualty treaty business at Lloyd’s and has processed more than 7,500 claims since it kicked off in January 2010. From 1 July 2011 the pilot has been extended to the remaining areas of marine, property and all energy classes and further extensions are being scheduled.
Lloyd’s is the world’s leading specialist insurance market and occupies fifth place in terms of global reinsurance premium income, and is the second largest surplus lines insurer in the US. In 2011, 87 syndicates are underwriting insurance at Lloyd’s, covering all classes of business from more than 200 countries and territories worldwide. Lloyd’s is regulated by the Financial Services Authority. www.lloyds.com