Lloyd's could cut cut claims leakage by £300m-£400m per year, according to a source close to Lloyd's.
The source said that the corporation would be introducing "target minimum standards" in a number of claims areas in the future.
"Lloyd's has done research that shows up to £400m could be saved each year in the market through use of electronic processing," said the source.
Earlier this year, Lloyd's launched a review of its claims handling processes in conjunction with consultant McKinsey.
It is estimated that Lloyd's spends more than £500m a year in ancillary work for payment of claims.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
