The model is result of a collaboration between Lloyd’s, LIIBA, LMA and IUA
A new model that will allegedly simplify how claims within the London market are handled is being launched today.
Aimed at improving client service and streamline claims agreement across the London market, Lloyd’s says the Single Claims Agreement Party model will enable quick and efficient authorisation of claims.
This is by allowing policy leaders to agree to non-complex payments up to £250,000 on behalf of carriers.
This model is the result of collaboration between London & International Insurance Brokers’ Association (LIIBA), the Lloyd’s Market Association (LMA), International Underwriting Association (IUA) and Lloyd’s.
LIIBA’S chief executive, Christopher Croft said: “The broking community is delighted that we can move forward with the Single Claims Agreement as it will expedite the handling, agreement and payment of small to medium-sized losses under London subscription market placements to the benefit of clients.”
LMA’s chief executive, David Gittings said: “The single agreement model will make the settlement of claims in the London market more efficient and will offer an improvement in service and customer experience. The delivery of a market-wide agreement will become a reality thanks to the collaborative efforts of the LMA, IUA, LIIBA and Lloyd’s.”
IUA’s executive, David Matcham added: “The introduction of an option to provide for a single claims agreement, at the time of placing promises to make the processing of claims in London faster, cheaper and more effective.”
Finally, Lloyd’s executive, Inga Beale said: “In a competitive global sector, customers want and expect the London market to be easier to do business with. By ensuring that the most critical part of our business offer, the resolution of claims, can be done in a more straightforward manner, this will mean London can continue to remain an attractive proposition.”