The Lloyd’s Market Association (LMA) has launched its new claims expert management solution and platform for Lloyd’s carriers this week, called Gemini.
The platform was developed by the LMA in partnership with Advent Insurance Management Limited, and will be driven by claims professionals from the Lloyd’s market.
Gemini will offer Lloyd’s carriers insights into their true spend on claims experts, as well as managing the relationships and monitoring their performance, the LMA explained.
The LMA also claimed that the solution would help carriers to achieve management efficiencies, reduce claims costs, and improve the performance of experts.
“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,” Bowling added.
Over 500 experts have been pre-registered for access to Gemini with the support of Lloyd’s carriers.
The total claims expert spend in the Lloyd’s market is around £500 million a year, according to estimates from the LMA.