29 November 2018
LMA launches Gemini to tackle claims expert spend
Gemini, a claims expert management solution and platform for Lloyd’s carriers, has been launched this week.
Developed by the Lloyd’s Market Association (LMA), in partnership with Advent Insurance Management Limited, and driven by claims professionals from the Lloyd’s market, Gemini will enable carriers to understand their true spend on claims experts, manage the relationships and monitor their performance. This will help to achieve management efficiencies, a greater control of and reduction in claims costs and will improve the performance of experts.
The LMA has previously estimated claims expert spend in the Lloyd’s market to be in the region of £500 million a year.
Tim Bowling, Senior Executive at the LMA said: “This platform enables a greater understanding of expert spend and will allow Lloyd’s carriers to make informed decisions around that spend. The development of a searchable database of regularly used experts, supported by the onboarding process and performance oversight, will allow carriers to manage effectively the delivery of claims services for the benefit of carriers and policyholders alike.”
Over 500 experts have been pre-registered for access to Gemini with the support of Lloyd’s carriers. .”
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Notes to Editors
A market update (linked here) provides more detailed information, Including: background information relating to the purpose and proposed scope of the Hub; process leading to the selection of a vendor to deliver the Hub and; timeframes around development, delivery and launch.
For further information please contact:
James Milne, Head of Communications
Lloyd’s Market Association
T 020 7327 8405
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £32billion per annum.