In June we told you about the
claims expert management hub being set up by the Lloyd’s Market Association (LMA) Claims Committee for Lloyd’s carriers. Now further details have surfaced.
Designated as a partner and vendor, Advent Claims will develop and administer the MATS platform provided by software company MatsSoft. Supporting managing agents and their experts, such as lawyers and adjusters, the hub will enable the following:
- Budget and spend recording and tracking
- Measurable reporting
- Selection of experts based on historic performance and overall effectiveness
Aimed at improving the service provided to policyholders, the tool also has elective components.
“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,” said Lee Elliston, LMA head of claims operations. “For the first time, managing agents will have access to empirical data about the cost and performance of claims experts globally.”
Advent Claims managing director Jerry McArthur, who described the market initiative as “laudable,” explained: “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.”
According to data collected on behalf of the Lloyd’s market, it has spent more than £1 billion on third-party experts in the past 24 months.
“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,” added Elliston.
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