21 October 2020
Gemini Expert Management System Phase II goes live with fee settlement
The Lloyd’s Market Association (LMA) today announces that London’s Expert Management & Settlement Platform - Gemini - has delivered Phase II, instigating the payment of fees to an expert using the automated settlement facility whilst capturing structured data and MI in relation to expert spend, performance, and claims leakage.
Gemini, built and operated by Advent.Claims and funded by the LMA, removes the lack of visibility, burden, and cost associated with managing experts and the related claims expense for Lloyd’s managing agents and company carriers. Gemini delivers a data-first and technology enabled solution and service, generating an efficient, straight-through fee and expense management product, linked directly to carriers' claims management systems. Roll-out to the London market’s ILU and LIRMA platforms, operated under the IUA, will follow the Lloyd’s market to create a market-wide solution.
Lee Elliston, claims director, LMA, said: "This solves a 30-year-old problem in relation to expert management and performance oversight, whilst providing insight into claim expense and leakage at both a carrier and market level. It does so in a digital way via APIs and supported by technology. Gemini phase II will allow carriers to manage and reduce costs, whilst also building a wealth of data to inform and support future claim outcomes and strategies – putting the analysis and power back into the hands of the Lloyd’s claims handler. The service has currently been adopted by 737 experts and 32 managing agents following the deployment of phase 1"
Paul Bermingham, managing director, Advent Insurance Management said: "Following a rigorous build and test process with the market and LIMOSS, Gemini has proven its ability to quickly establish itself and deliver tangible data and cost-saving benefits. For Lloyd’s alone, there are circa. 118,000 payments made to experts annually, which if made via Gemini could save the market £4m a year. Put another way, compared with existing processes, managing agents could save 70% of the annual cost of paying experts, while also benefiting from greatly enhanced oversight and management information."
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Notes to Editors
Media relations contacts
James Milne, Communications Director, LMA
Tel: 020 7327 8405; Email: email@example.com
Richard Adams, Haggie Partners
Tel: 020 7562 4444; Email: firstname.lastname@example.org
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £31billion per annum.
For more information visit: www.lmalloyds.com
About Advent Insurance Management
Advent Insurance Management provides consulting; global claims services; back-office outsourcing and technology solutions to London market brokers, carriers and their coverholders which alleviate regulatory and competitive pressures to allow delegated authority underwriting businesses to thrive. Advent Insurance Management operates in the key delegated authority markets of the UK, US, Canada and Australia and provides its global claims TPA service throughout these territories under the trading name Advent.Claims.