5 November 2015
ECF Write-Back wins ACORD award
ACORD, the global organisation promoting data exchange in the insurance industry, has given an award to ECF Write-Back, the ground breaking functionality that allows the IT systems of Lloyd’s managing agents to interact fully with the market’s central claims systems. This is one of the key priorities in the London Market Target Operating Model programme.
Going live just two weeks ago, Write-Back won the business process improvement award at Acord’s annual conference in Florida on Wednesday. Lee Elliston, the Lloyd’s Market Association’s claims manager and Write-Back programme manager was on hand to receive the award in Boca Raton.
Lee said: “This is a very proud moment for everyone at the LMA, the London markets claims community and the ECFUG, the market group and team behind Write-Back. It’s been a huge task for managing agents, software providers and market bodies, but the end result has seen another positive step forward in the modernisation of Lloyd’s.”
Write-Back provides market businesses with greater flexibility in managing and handling claims; it removes duplication and inefficiencies, offers enriched claim data and management information and gives near real-time claim notification.
15 weeks of testing took place prior to Write-Back going live on Saturday 17 October. This involved Xchanging, eight Lloyd’s and London market carriers and four software providers.
The new functionality increases the degree of interaction markedly. It lets broker data flow into a carrier’s system within seconds, enabling the carrier to manage and interact on the information much more quickly, while having the flexibility to build their ‘view’ of the claim from the enhanced pre-agreement data that is available. The carrier can then respond to the claim, sending data back into the market’s central systems, enhancing the electronic claim handling and management process.
ACORD 2015 took place in Boca Raton, Florida during 2–4 November.
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Notes to Editors
What is ECF?
ECF stands for Electronic Claim File. It is the combination of the Insurers' Market Repository (IMR) and the Claims Loss Advice and Settlement System (CLASS). ECF allows brokers to supply an entire claims file electronically to all insurers “on risk” simultaneously. All insurers will therefore have concurrent, contemporaneous access to the claims file. This eliminates the need for the broker to serially present the claims file to different insurers individually. The major benefit of this is that it greatly reduces the length of the overall claims lifecycle, from first advice to settlement.
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 £26 billion per annum.
For further information please contact:
James Milne, Communications Manager
Lloyd’s Market Association
T 0207 327 8405