Endeavour Insurance Services, a delegated authority specialist and Lloyd’s Broker, has officially launched its new claims management system for Lloyd’s coverholders in the US and Canada.
The Advantage system, launched in partnership with Advent Claims, “was developed with efficiency and cost savings firmly in mind, and with the central aim of speeding up claims payment times,” a release said. The system operates as a single platform for clients/third party administrators and the market.
“Other operating models tend to be designed to accommodate in-house requirements and/or provide a repository mechanism for the market, whereas we have worked with Advent Claims to create a system which provides a full 360 degree delivery solution for notification into and out of the market,” said Endeavour support services director Sarah Newman.
“All information is stored in one central location, while providing the capability to interface with market systems such as Lineage and ECF, and other parties’ internal systems. The system also captures other regulatory information such as SLAs, Solvency II, and complaints.”
Apart from an initial set-up fee, the system is free to use for Endeavour’s clients.
“Advantage allows the London broker to continue to play an active role in the esteemed relationship they have with coverholders; which is critical as technology forces us to reinvent how we do business,” said Beth Thorne, Lloyd’s department manager for Ives Insurance Brokers. “This system may very well revolutionize the way that the London Market manages delegated authority claims.”
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