claims quarterly newsletter > regulatory  
April 2019

BASCG Priorities  

The BASCG have reviewed its strategic objectives for 2019 and beyond, and these fall in to 5 key areas:

  • Learning & Development – to raise the standard of claims handling
  • Agile Service Model – to embed technology led solutions that speed up adjusting
  • CAT Management – to standardise and improve the Lloyd’s market response
  • Market Initiatives – modernisation activities
  • Market Engagement – building on relationships with brokers/TPAs/CHs/other associations

 A sub group has been created for each of these areas (a group for Young Professionals has been created, which will pick up the Learning & Development, as well as other areas of focus identified by the BASCG) to ensure focus and resource from the binder claims community is allocated to drive the change needed. It was agreed that the key focus for Q1/Q2 2019 will be the development of a robust CAT response framework, including a refresh of the existing Binder CAT Protocol.

CAT Response

2018 Following the 4 US CAT events in 2018 (Wildfire Camp, Wildfire Woolsey, Florence & Michael), the BASCG have reached out to the 32 key US TPAs requesting oversight MI on claims performance for each of these events. 20 TPAs have confirmed they are handling CAT claims for the Lloyd’s market, and their returns are being captured on the 1st and 15th of every month. The BASCG have been embracing technology to ease the capture and analysis of this CAT performance data, and are using a solution called Airtable which allows the TPAs to submit their returns using an online form, which then aggregates the returns for all the events and for all the TPAs, and makes them visible in data and analysis tables for members of the BASCG to review performance. This went live with effect from 1/1/19, and access will be extended to the wider BACG later in Q1 2019. If you would like to be added to the BACG distribution, please don’t hesitate to contact Tim Bowling at the LMA tim.bowling@lmalloyds.com

 

Bulletins

DA SATS Endorsements
[LMA19-012-TH3/21/2019] DA SATS was launched in late 2018 as a platform to assist the market to manage bordereaux information and data gathered under binding authorities.

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Blogs

A Satellite View of Enhanced Claims Service
[A satellite view of enhanced claims service11/26/2018] LMA's James Wilson explains how the satellite service used during recent wildfires and hurricanes enabled Lloyd’s insurers to make early part or full settlement of claims. He also talks about potential future service enhancements.

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