The LMA Claims Committee (LMACC) has selected Advent Claims as a partner and vendor for its Claims Expert Management Hub for Lloyd’s carriers.
Using the MATS platform provided by MatsSoft, Advent Claims will develop the platform at the Hub’s core – enabling managing agents to record, track and control budget and spend in relation to claims experts.
It will also link managing agents with select experts, such as lawyers and adjusters, based on their historic performance and effectiveness in handling individual claims at an agency and market aggregate level.
In partnering with Advent Claims, Lloyd’s aims to cut back on its spend for third-party experts which has reached an alleged £1 billion in the past 24 months.
“Advent Claims is extremely pleased to have been selected to support this laudable market initiative,” said Jerry McArthur, managing director, Advent Claims.
He said; “the platform will capture and host unique and authoritative claims data, empowering managing agents with an informed view of claims experts worldwide.
“Ultimately this will enable managing agents to create efficiencies through greater control of claims costs, while boosting the claims capability of the Lloyd’s market as a whole.”
Lee Elliston, head of claims operations at the LMA said the appointment of Advent Claims is a “significant step forward that will enhance data capture, provide intelligence around claims expense and leakage, support management of and measure the performance of claims experts.
“For the first time, managing agents will have access to empirical data about the cost and performance of claims experts globally.
“I would encourage all members of the Lloyd’s claims community to engage in the Hub’s development, to help deliver greater control over claims costs and better outcomes for re/insureds.”
The Hub will support managing agents and their experts and help improve the service re/insureds receive.