Delegated Claims Modernisation - Update
In collaboration with the LMA Claims Committee (LMACC) and the Lloyd’s claims team, the LMA is implementing an enhanced delegated claims model which encompasses a long term delegated claims strategy addressing the required business and operational change to support the new model. This was previously communicated in bulletin LMA18-043-TH, where you can find more details on the background to the programme.
Since the programme of work commenced earlier in the year, we’ve had the support of 23 Lloyd's carriers to enhance and implement beneficial change for delegated agents and the Lloyd's market while also responding to the delegated claims thematic review, which was conducted by Lloyd’s in 2017. This will be achieved by delivering common standards, guidance, tools, model wordings and frameworks to assist the market in moving towards a consistent approach to managing delegated claims.
The market endorsed the approach and is fully involved throughout the programme workstreams to ensure that the outputs proposed are those that would be adopted.
The following managing agents have representation throughout the programme's work and governance via the Delegated Claims Steering Comittee and the LMACC, all of which are committed to the programme and its output:
- Tokio Marine Kiln
Beyond this we are heavily engaged with the wider claims community through our standing committees, including the Binding Authority Claims Groups.
We will be communicating with stakeholders (whether with managing agents or delegated agents) to discuss the individual deliverables in more detail as they are progressed and finalised. Below is a summary of the progress against the programme objectives.
If you’d like to see a live version of progress or the overall project plan, you can track these here
In January 2019, we will be establishing the delivery roadmap that will focus on implementation and adoption in managing agents across the Lloyd's market, TPAs and coverholders. The implementation and adoption phase is key to the success of the changes that will be delivered as it will ensure a streamlined and common approach is embedded market-wide.
Manager, Claims & Delegated Authority Operations