Lloyd’s has slashed its average claims transaction times by 40% from 25 to 15 days, the corporation has revealed.
The results from the pilot phase of the Claims Transformation Programme (CTP), Lloyd’s programme to overhaul its claims handling procedure, has exceeded the corporation’s expectations and targets.
Around three quarters of claims within the Lloyd’s market are under £100,000 and it is these relatively straightforward claims that have seen the greatest increase in speed in the pilot, allowing Lloyd’s to focus on the more complex claims.
Lloyd’s Head of Claims David Lang said: “We were aiming for a 25 per cent reduction in claims transaction times, so to reduce times by 40 per cent is a great success. The qualitative reviews we have carried out also indicate an improvement in the quality of claims adjusting reinforcing the reputation of the Lloyd’s market.”
The pilot covered marine hull, property D&F and casualty treaty business at Lloyd’s and has processed more than 7,500 claims since it kicked off in January 2010.
From 1 July 2011 the pilot has been extended to the remaining areas of marine, property and all energy classes and further extensions are being scheduled.
The CTP‘s objective is to enhance Lloyd’s reputation for fast and fair claims handling and deliver more transparent, efficient and effective claims processes.
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