Lloyd's Begins Electronic Claims Adjustment

Lloyd's Begins Electronic Claims Adjustment

NU Online News Service, March 4, 3:58 p.m. EST?Lloyd's Market Association has opened a new electronic file system for claims with instantaneous access that Lloyd's called a "major step" toward modernizing its process.[@@]

The claim market repository allows all parties to a claim "instant and contemporaneous access to the documentation" of the claim, Lloyd's said.

Lloyd's said the initiative was taken by the insurance facility's managing agents almost a year ago.

"All of us in the London Market, whether Lloyd's underwriters, brokers or companies outside Lloyd's, are determined to speed up the claims service we give our worldwide customers," said Simon Sperryn, LMA chief executive, in a statement.

Mr. Sperryn said although Lloyd's has taken the lead, "the repository will be for all London Market players and removes the final obstacle to our long-held goal of fully electronic claims adjustment and settlement."

The basic repository is available now. Full access and integration should be complete within 15 months, Lloyd's said.