Lloyd’s Claims Transformation to deliver further benefits in 2013

Insurance and Reinsurance, What Others Say — By on January 13, 2013 at 9:46 PM

 

Lloyd's of London

Lloyd’s of London

Following significant progress in 2012, Lloyd’s Claims Transformation Programme aims to deliver further improvements to the market’s claims processes in 2013, including a claims-reporting tool and a portal for brokers.

Claims Reporting Suite

Lloyd’s is in the process of implementing its Claims Reporting Suite (CRS), an exciting new tool that is designed to enable managing agents to access a wealth of claims data and so compare their own performance against the market average.

“There is a huge amount of claims data in the market that is not used to its full potential, ” says David Lang, Head of Claims at Lloyd’s. “Making this data available in one system is one of the best ways we can improve performance, ” he says.

CRS aims to provide one transparent source of claims data to the whole market. Initially, managing agents will be able to access ten reports, but future enhancements could make even more data available.

“By providing the market with a common set of claims reports we can help raise the market’s performance in terms of the claims process, ” says Lang.

David Lang

David Lang

Quicker and more transparent
The reports summarise a managing agent’s own performance but also the market average, so that both absolute and relative performance can be determined. Managing agents will also be able to identify issues of concern and resolve them far more quickly.

Unlike the current performance reports, CRS will be updated daily and will be accessible at any time via the internet. It is also much more interactive – for example, managing agents can drill down and look at performance issues at the level of individual claims.

The first ten reports are due to be delivered between March and May 2013.

Claims Transformation

CRS is just one of many parts of Lloyd’s Claims Transformation Programme (CTP), which is changing the way the market handles the more than 200, 000 claims that are in the market at any one time.

The programme is now very much in the implementation phase, says Lang. In July 2012, Lloyd’s introduced a triage system that is speeding up the processing of simple claims, while at the same time diverting resources to more complex claims. 2013 will see further enhancements and changes to claims, he says.

For example a new portal is currently being built for brokers and should be ready for its first pilot in the first half of 2013. The portal is being designed to act as the market’s entry point for claims, enabling brokers to submit all claims to Lloyd’s via one system. The system will automatically check and validate brokers’ claims submissions – so reducing data entry errors, which are a major cause of delay.

Another CTP initiative for 2013 is the proposed change to how the market manages volume claims. This project is a work in progress, but it could potentially see simple volume claims managed on behalf of multiple managing agencies more efficiently via one central process.
Lloyd’s is consulting with the market to accurately define the potential service.

Claims Certainty

All the pieces of the CTP will mean faster and more effective claims handling, while initiatives like the CRS are designed to help Lloyd’s continue to refine and enhance the claims process to the benefit of policyholders, says Lang.

For example, major catastrophes like Sandy, which caused havoc as it swept up the US North East Coast in October 2012, affect the lives of individuals and businesses that rely on insurance pay-outs to get back on their feet.

“Policyholders want to know if they are covered and get clarity around the applicable indemnity amounts as soon as possible, ” says Lang. “CTP should speed up the processing of straightforward claims and enable managing agents to understand the changing dynamics of claims, ” he says.

(source: Lloyd’s of London)

    1 Comment

  • I DANIELA DAGNAN AM THE MOTHER OF LEE DAGNAN WH0 TRAGICALLY DIED ON 17/03/2012 FROM ORGAN FAILURE DUE TO MALARIA WHILST WORKING FOR THE UK BASED COMPANY MAST MARITIME UK. MY SON WAS LEFT ON BOARD FROM 10/03/2012 UNTIL THE COMPANY FINALLY BASCKETED FROM THE VESSEL LATE IN THE EVENING OF THE 16/03/2012 TAKEN TO THE FRENCH MILITARY HOSPITAL IN DJIBOUTI THE COMPANY,S OIL DESTINATION. MY SON DIED SO SADLY DIED AT 3-15 UK TIME ON 17/03/2012. HE WAS LEFT IN A TERRIBLE STATE ON BOARD RAGING TEMPERATURE,LISTLESS, INCOHERENT AND PASSING RED URINE AND THEN NO URINE AT ALL, NO MEDIC ON BOARD OR ANY ONE TRAINED TO USE EQUIPMENT TO SUSTAIN MY SONS VITAL ORGANS.
    YET HERE I AM READING HOW YOU ARE SO PROUD OF YOUR INSURANCE POLICIES AND HOW YOU WANT TO MAKE IT EASIER FOR CLAIMS TO BE MADE WHAT AN ABSOLUTE LOAD OF RUBBISH!! INSURANCE WONT BE PAID OUT FOR MY SON AS HE DIED FROM AN ILLNESS NOT AN ACCIDENT THIS IS HOW THE INSURANCE TERMED IT. MY SON WAS FIGHTING PIRACY WITH A LOADED GUN AN EX ROYAL MARINE VERY FIT AND HEALTHY YET IN YOUR WORDS DICED WITH DEATH BECAUSE HE GOT BITTEN BY A MOSQUITO HOW YOU GET AWAY WITH YOUR WORDINGS IN INSURANCE CONTRACTS I WILL NEVER KNOW BUT TO READ THIS MAKES MY BLOOD BOIL AS YOU KNOW DAMN WELL EVERY CLAUSE IN YOUR INSURANCE CONTRACTS MAKES YOU IMMUNE TO MOST PAYOUTS BY ALL MEANS CHANGE THE DYNAMICS OF YOUR POLICIES BUT BE TRUTH FULL AND HAVE THE GOOD GRACE TO ADMIT YOUR FAILINGS IN MOST CONTRACTS YOU MAKE MILLIONS OF POUNDS ON AND HAVE MORE RESPECT FOR THESE EX SERVICEMEN THAT DESERVE TO KNOW IF A TRAGEDY OCCURS AS IT DID TO MY BELOVED SON THEY ARE NOT COVERED BY THE INSURANCE YOU SET OUT FOR THESE MARITIME COMPANY,S.
    REGARDS, MRS D DAGNAN.

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