The Lloyd's Claims Office (LCO) has received its first completely electronic notification of a claim from the Marine & Energy Reinsurance division of Aon. The web-based notification is the first of its type in the Marine Excess of Loss Group, using an internet alternative to the physical presentation of claims files.
Charlie Cantlay, chairman of Aon Marine & Energy Reinsurance, said: “The electronic notification of this claim through Lloyd's underlines Aon's determination to reduce the bureaucracy attached to the London Market claims agreement process.”
The claim was transmitted to Lloyd's using an electronic file and agreed with notification of signing, numbers and dates but without the need to see the supporting broker paper file. The Marine Excess of Loss market is ideally suited to this, as less high-volume documentation supports the file.
The new Aon and LCO Marine initiative ultimately supports LMP2001 reforms, designed to deliver faster documentation, faster claims settlements and faster premium payments. It will also complement the Class Repository initiative, which is being conducted by key players at Lloyd's and in the London Market.