Lloyd’s carriers will soon have a claims expert management hub to better assess whether their use of claims experts is effective, as the Lloyd's Market Association (LMA) Claims Committee recently approved its establishment.
The hub will support the claims strategy, outcome, and experience delivered to the insured or policyholder while evaluating the effectiveness of claims handling. It will also focus on improved data capture to manage the use of experts throughout the life of a claim.
Managing agents across the Lloyd’s market will also be able to track their budgets in using experts such as lawyers and adjusters. A single technology solution will be used, and the hub will be developed to integrate with Lloyd’s central market systems.
Lee Elliston, claims operations head at LMA, noted how important it is for the market to continue improving the effectiveness of its claims processes.
“I would urge all interested members of the Lloyd’s claims community to engage in the development of the Hub, so together we can deliver further efficiencies to the claims management process, enhance the customer experience, and make the best use of data to make quicker and smarter decisions,” he said.
The LMA claims committee has approved the establishment of the hub, and the request-for-proposal process is underway.
The committee previously revealed it is assessing the potential benefits that predictive analytics and even robotics could offer to claims handling. Earlier this year it also saw senior executives from major insurance firms joining the committee.
Elliston then said they will continue to promote the position of claims in the London market while creating opportunities to enhance the Lloyd’s claims offering.
The association, independent to the Corporation of Lloyd’s, represents the interests of the Lloyd's community by providing professional and technical support to its members.
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