Lloyd's Market Association Bulletin
LMA21-030-TB | 30 June 2021
LMA DACG Delegated Claims Standards
The DACG has been working collaboratively with Lloyd’s, brokers (LIIIBA’s Delegated Authority Claims Committee) and DCAs (TPAs) across the globe to fundamentally enhance the delegated claims business model by addressing the key areas of friction to provide demonstrable value to each party within the value chain and more importantly to our customers. The Delegated Claims Standards (DCS) look to enshrine the approach that provides improved outcomes for all, and covers;
- loss fund management
- proof of Loss
- authority levels & referrals
- performance oversight, SLAs, MI & audit
- co-lead claims handling, agreement & payment
- proactive portfolio management
- bordereaux quality & delayed processing.
The over-riding objective of this exercise has been to:
- improve policyholder experience
- maintain and enhance the reputation and brand of Lloyd’s, managing agents and the markets DCAs
- reduce the operational disconnect and inconsistency of DCA management between managing agents and their DCAs
- establish formal claims standards that managing agents can implement within their business consistently
- reduce the lifecycle of DA claims.
We are now ready to publish a document which outlines how each managing agent aligns to the various Delegated Claims Standards. The intention here is to provide clarity to brokers and DCAs on the approach of the various Lloyd’s MAs, which will make their lives easier, by understanding the stance each managing agent is taking.
This alignment document can be found on the Delegated Claims page, and is supported by a guidance document published in July 2020 which outlines in more detail the actual standards, including the deliverable and associated benefits for each, and then links to any supporting material for each standard.
If you wish to discus any aspect of these standards, please contact Tim Bowling.
Senior Executive, Claims