CLAIMS QUARTERLY

Q3 2020


HEADLINES

 

Future at Lloyd's - Ahead of the publication of Blueprint 2 on the 5 November, we take a look at the areas of progress within claims, including updates on the Faster Claims Payment solution & DA Process Re-engineering, as well as looking towards Q4 and the focus of the Future State Business Design for Claims. 

Gemini - The Expert Management & Settlement Solution, Gemini, is now live, to support the markets expert and fee management process, whilst capturing structured data and MI in relation to expert spend, performance, and claims leakage. Click here  to understand the full capabilities and how you can adopt.

COVID-19 - A secure area on our website has been established to store supporting material, pertinent legislative and regulatory updates, and market level claims performance data. This area is available to our Members only.  

MODERNISATION

 

Single Claims Agreement Party (SCAP) – Since go-live in 2018 we have continued to analyse the usage of SCAP within the London market and identify the most common trends. Click here to review. 

Ahead of the 01.01 renewal season the associations (LMA, IUA, and LIIBA), with the support of the LMG, will be re-positioning SCAP and providing guidance to the underwriting, placing, and claims communities.

Small Claims Auto Settlement (SCAS) – This update  provides insights into the 6 month proof of concept. Future at Lloyd’s will consider how a claims automation concept and the learnings from the PoC can be further developed within Blueprint 2. 

 

 
EDUCATION & EVENTS

 

The LMA and PwC launched the planned Claims Curriculum programme as part of our aspirations to support the development of the claim’s community. The programme’s activity is now focused on designing and delivering the future offerings via the LMA Academy, and in partnership with PwC, Lloyd’s, the CII, and more. Click here  to see how things have developed in 2020.

The LMA Claims and Delegated Authority (DA) Team has run a series of informal and engaging online bitesize presentations designed to keep our members informed of key claims & DA developments and initiatives. Recordings and key supporting documentation can be found here.

If you have any topics that you wish us to cover during future sessions, please contact James Wilson: james.wilson@lmalloyds.com or visit our website. 
DELEGATED AUTHORITY

 

On 26 October, Lloyd’s issued Delegated Data Manager: Conditions of Trade (Y5311) to the market, following a detailed consultation period with the LMA and market representatives. To understand the key principles that were supported by the LMA, the impact to risk, premiums, and claims, and the deliverables that will underpin the conditions of trade, please click here.

The LMA’s Delegated Authority Claims Group (DACG) has developed a set of delegated claims standards  that remove areas of technical or operational inefficiency that generate duplication and burden, amongst our DCAs and the market, where there is no competitive advantage.

The new Lloyd’s DCA Approval Framework came into effect from 30th September 2020. Lloyd’s are continuing to work with the LMA to develop and deliver an optimal model and process to support the management and oversight of DCAs. To understand the status and key messages, please click here .