Managing General Agent (MGA) Principia Underwriting will no longer handle claims in-house, delegating the task instead to insurtech-led third-party claims administrator (TPA) Advent Claims.
Principia, whose portfolio contains predominantly cyber and media-related risks, will implement Advent’s proprietary claims management system for all its 11 binders. Benefits include straight-through processing, cost reduction, and faster payments.
“The decision to outsource our claims function led us to review many propositions, and Advent’s was by far the most compelling,” said Principia Underwriting managing director Chris Newton. “Advent is an experienced TPA and provides the highest levels of service via its IT platform.”
Newton continued: “It complies with all FCA (Financial Conduct Authority), Lloyd’s, and Solvency II Pillar 3 reporting requirements, which was critical for us. This proven and innovative service will ensure we continue to meet all operational, regulatory, and data reporting requirements both now and in future.”
“This demonstrates Advent’s ability to manage a broad range of US-exposed professional lines risks, including media, professional indemnity, E&O (errors and omissions), and cyber,” commented Jerry McArthur, managing director at Advent Claims. “We look forward to assisting Principia in achieving greater efficiency and transparency while dramatically easing the burden of regulatory reporting.”
Part of Aquila Underwriting LLP, the London-based MGA is an approved Lloyd’s coverholder offering cyber liability and unplanned downtime policies.
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