claims quarterly newsletter > modernisation 
April 2019

Insuretech initiatives  

Shift – fraud alerts, mitigation, management and intelligence

The aim of this market pilot is to demonstrate the effectiveness of Shift’s fraud detection solution and its potential benefits to the market. Shift Technology’s FORCE™ series has been specifically developed for insurance companies’ claim handlers and anti-fraud teams. Its main goal is to improve users’ capability to detect fraud by focusing on the following objectives:

  • Assisting anti-fraud teams in identifying suspicious claims and detecting suspicious behaviours
  • Enabling claim handlers and anti-fraud teams to become more efficient by making better and quicker decisions regarding suspicious alerts
  • Measuring results
  • Reducing the commercial and credit risks associated with the London Market claims payment
  • Improve bottom line: making an immediate impact to improve loss ratios
  • Streamline processes: improving efficiency through specialised processes
  • Reduced claims by reducing leakage associated with fraudulent claims and payments

SubroSmart – subrogation identification & recovery management.

The aim of the market pilot is to demonstrate the effectiveness of SubroSmart and potential benefits to the market. The main core objectives of the service are as follows:

  • Streamline processes: improving efficiency through specialised processes
  • Reduce cost: decreasing the costs of recovery through centralisation
  • Reduce risk: ensuring state compliance related to subrogation
  • Claims Leakage: all D/A claims reviewed for potential subrogation, improved oversight 
  • Improve bottom line: making an immediate impact to improve loss ratios
  • Centralise reporting: provide detailed management information for subrogation at contract level utilizing proprietary systems and reporting.

 

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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