Lloyd’s Market Association launches claims management solution
The Lloyd’s Market Association (LMA) has launched Gemini, a claims expert management solution and platform for Lloyd’s carriers.
Developed by the LMA, in partnership with Advent Insurance Management, and driven by claims professionals from the Lloyd’s market, Gemini will enable carriers to understand their true spend on claims experts, manage the relationships and monitor their performance, according to a corporate statement. This will help to achieve management efficiencies, a greater control of and reduction in claims costs and will improve the performance of experts, the LMA said.
The LMA has previously estimated claims expert spend in the Lloyd’s market to be in the region of £500 million a year.
“This platform enables a greater understanding of expert spend and will allow Lloyd’s carriers to make informed decisions around that spend,” said Tim Bowling, senior executive at the LMA. “The development of a searchable database of regularly used experts, supported by the onboarding process and performance oversight, will allow carriers to manage effectively the delivery of claims services for the benefit of carriers and policyholders alike.”
Over 500 experts have been pre-registered for access to Gemini with the support of Lloyd’s carriers, according to the LMA.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
US environmental losses rise to $46bn for P&C industry: AM Best
Utilities sector most at risk from California wildfires: Fitch
AXIS merges cyber, technology units under Trueman
Glyphosate may become the next asbestos: AM Best
Lloyd’s broker AFL creates LatAm operation through joint venture
Aetna downgraded after acquisition by CVS
Ardonagh reduces loss in 2018 9M results
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze