Lloyd's managing agents have signed a new contract with Xchanging Claims Services, paving the way for a more transparent claims process on the London market.
The new contract promises to provide an improved quality of service with increased investment from managing agents and complies with the outsourcing guidelines set by the FSA.
It also provides a phased introduction of enhanced claims agreement for followers, defines the costs associated with processing each individual class of business and allows Xchanging to possibly improve its performance through investment from the market.
Simon Sperryn, chief executive of the Lloyd's Market Association, said: “The agreement for the provision of claims services at Lloyd's is now on a more commercial footing.
“It drives Xchanging to provide improved services at the levels the market demands, while allowing scope for Xchanging to make a stepped profit margin based on improvements in quality and performance.”
