A fast-track claims advice and reporting system has been given the green light by Lloyd's.
The Claims Loss Advice and Settlement System – or CLASS – is designed to create a level playing field for Lloyd's in dealing with London market claims.
Lloyd's Insurance Services Board gave the go-ahead to CLASS following a successful six-month trial by the aviation market.
It has been in use in the company market since 1989, and accounts for 95% of all IUA claims transactions.
Cliff Auld, project manager for CLASS at Lloyd's, said: “The system will enable the earlier notification of claims to Lloyd's syndicates with the potential for development for full electronic claims agreement and settlement.”
The claims system has been developed from the existing Institute of London Underwriters and London Insurance and Reinsurance Market Association systems after they merged to form the International Underwriting Association.