The Lloyd’s Market Association (LMA) Claims Committee has revealed the approval of a new Claims Expert Management Hub for Lloyd’s of London carriers, called The Hub.
The new Hub is designed to enable managing agents throughout the Lloyd’s marketplace to better assess the effectiveness of their claims expert utilisation, while at the same time facilitating both tracking and controlling spend against budgets, says the LMA.
The Hub uses a sole technology solution and will be developed so that it can effectively integrate with Lloyd’s central market systems. The LMA explains that the RFP process is now underway, and the LMA Claims Committee is actively seeking the assistance of the marketplace.
Head of Claims Operations at the LMA, Lee Elliston, commented; “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.
“The Claims Expert Management Hub, led by the LMA, is an important initiative in this effort. 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.”
The LMA continues to explain that The Hub will have a focus on improved data capture to help manage the use of experts, which includes lawyers and adjusters, through the entire life of the claim. Furthermore, The Hub will assist the “claims strategy, outcome and experience delivered to the insured or policyholder,” explains the LMA.