LMA tackles £1bn claims expert spend
The LMA Claims Committee today announced that Advent Claims has been selected as a partner and vendor for its Claims Expert Management Hub for Lloyd’s carriers.
The Lloyd’s market has spent over £1bn on third party experts in the past 24 months, according to data collected on behalf of the market.
Advent Claims, utilising the MATS platform provided by MatsSoft Ltd, will develop and administer the platform at the Hub’s core. This will enable managing agents to record, track and control budget and spend in relation to claims experts, while providing measurable reporting. It will also allow managing agents to select experts, such as lawyers and adjusters, based on historic performance and their overall effectiveness in handling individual claims at an agency and market aggregate level.
The elective components of the tool will also offer the functionality to set service level agreements, deliver central and standardised terms of engagement and rate cards. The Hub will support managing agents and their experts and help improve the service (re)insureds receive.
Lee Elliston, head of claims operations at the LMA said: “The appointment of Advent Claims is a significant step forward that will enhance data capture, provide intelligence around claims expense and leakage, support management of and measure the performance of claims experts. For the first time, managing agents will have access to empirical data about the cost and performance of claims experts globally. I would encourage all members of the Lloyd’s claims community to engage in the Hub’s development, to help deliver greater control over claims costs and better outcomes for (re)insureds.”
Jerry McArthur, managing director, Advent Claims said: “Advent Claims is extremely pleased to have been selected to support this laudable market initiative. The platform will capture and host unique and authoritative claims data, empowering managing agents with an informed view of claims experts worldwide. Ultimately this will enable managing agents to create efficiencies through greater control of claims costs, while boosting the claims capability of the Lloyd’s market as a whole”.
- ENDS -
Notes to Editors
For further information please contact:
James Milne, Head of Communications
Lloyd’s Market Association
T 0207 327 8405
The linked market update provides more detailed information, Including: background information relating to the purpose and proposed scope of the Hub; process leading to the selection of a vendor to deliver the Hub and; timeframes around development, delivery and launch.
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 £30billion per annum.
For more information visit: www.lmalloyds.com.
About Advent Claims
Advent Claims is a technology-led, specialist consulting and claims service provider focused exclusively on the global insurance community doing business with Lloyd’s and the wider London Market. Our aim is to become a key provider of claims and related services to all stakeholders engaged with the Market.
Advent Claims is a trading name of Advent Insurance Management Limited.