24 February 2014

LMA to launch major claims study of Lloyd’s market

The Lloyd’s Market Association (LMA) is to pilot an important review of the quality of claims management in the Lloyd’s market. This is the first time the qualitative aspects of the market’s claims handling have been analysed in this way.

The ground-breaking study will, according to the LMA’s claims consultant Gary Bass, take a formal and disciplined look at vital aspects of the Lloyd’s claims service.

The qualitative claims review will use independent expert third party providers to audit claims files and review the available software to find common standards of report writing. With a pilot project in 2014, the full audit will take place in 2015, run in close collaboration with the Corporation of Lloyd’s.

Gary Bass said: “Over the last decade we’ve gone from a paper-orientated claims environment to one built around good technology, the Electronic Claims Files, claims data warehouse and a whole new spectrum of management information. These new capabilities for data and analysis are very exciting. We’re very close to where we need to be to provide a world class service across the board; our aim is for continuous improvement.

“We’ve been able to improve the whole area of claims in terms of time, data and process and that has predominantly been a shift of culture and standards. Now is the time to take a much closer look at a client centric claims service.

“We want to make the claims experience at Lloyd’s as client focused as possible. Now we’ve reached a stage at which we have the tools and there is a strong commonality of interest in the claims community.”

- ENDS -

Notes to Editors

For further information please contact:

James Milne, Communications Manager
Lloyd’s Market Association
T 0207 327 8405

Adrian Beeby
T 020 7623 2368

Rob Gillies, Director, Market Processes
Lloyd’s Market Association
T 0207 327 8377

Julie Lynch
Xchanging Ins-sure Services
T 020 3604 5010

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.