London market Single Claims Agreement Party Model goes live
A transformational new model that will simplify how claims within the London market are handled is launched today in an effort to improve client service and streamline claims agreement across the London market.
The Single Claims Agreement Party model will enable quick and efficient authorisation of claims by allowing policy leaders to agree non-complex payments up to £250,000 on behalf of following carriers. Participation in a single agreement arrangement will be optional and considered by brokers and carriers at point of placement.
A collaborative effort between LMA, LIIBA, IUA and Lloyd’s, it represents a significant step in making the London market more competitive and enhancing its position at the centre of the international insurance industry through the implementation of efficient working practices.
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