The London insurance market has taken a significant step towards reforming its processes by enabling brokers and underwriters to process claims electronically.
A repository for Electronic Claims Files (ECF) is now being made available to all Lloyd's managing agents and brokers, reducing the need for paper files and making the whole claims process faster and more efficient.
Simon Sperryn, chief executive at LMA, which led the initiative, said: “The importance of ECF should not be underestimated. Our new repository enables a revolution in claims handling to take place. Customers should get their claims dealt with faster. Brokers will no longer have to trudge around the market with a pile of paper and all parties will be able to consult the claim file whenever they need to.”
The ECF initiative allows claims to be processed without the need for brokers to carry volumes of files between underwriters and Xchanging, the company that provides adjusting and processing services to the Lloyd's market.
Using an ‘electronic filing cabinet' called the Insurer's Market Repository (IMR), and the Claims Agreement and Settlement Systems (CLASS), ECF will provide Lloyd's managing agents with a single integrated service to manage the process for agreeing claims and storing claims-related documents.
The LMA led the negotiations with members funding the £3 million project. Implementation has been sponsored by the Market Reform Group, with extensive collaboration between managing agents, brokers, Lloyd's, and Xchanging.
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