LMA launches claims management initiative for Lloyd’s carriers

The Lloyd's Market Association (LMA) has announced its plan to establish a claims expert management hub for Lloyd's carriers.

The hub aims to allow managing general agents (MGAs) across the Lloyd’s market to better assess the effectiveness of their use of claims experts whilst tracking and controlling spend against budgets, according to the statement.

The new hub will focus on improved data capture to manage the use of experts, such as lawyers and adjusters, throughout the life of a claim. As well as assessing the effectiveness of handling individual claims, it will support the claims strategy, outcome and experience delivered to the insured or policyholder.

LMA stated that the hub will utilise a single technology solution and be developed to integrate with Lloyd’s central market systems. The RFP process, to identify a suitable vendor and assess a solution for delivery, is underway and the LMA Claims Committee is now actively seeking the assistance of the market.

"It is vital that the market continues to improve the effectiveness of its claims processes and enhance third party management, particularly given the access experts get to our insureds and policyholders and the role that experts play in the claim resolution process," said Lee Elliston, head of claims operations at the LMA. "The Claims Expert Management Hub, led by the LMA, is an important initiative in this effort."

Elliston added: "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."