The claims expert spend in the Lloyd’s market is estimated to be in the region of £500 million a year
The Lloyd’s Market Association (LMA) and Advent Insurance Management have launched a claims expert management solution and platform called Gemini for Lloyd’s carriers.
It will enable carriers to understand their true spend on claims experts, manage the relationships and monitor their performance.
The LMA hopes the new solution will help to achieve management efficiencies, a greater control of and reduction in claims costs and will improve the performance of experts.
It follows the approval of the Claims Expert Management Hub by the LMA Claims Committee (LMACC) last year in a tender process.
It involved a carrier market group of 16 managing agents including Argo, Ark, Aspen, Beazley, Chaucer, Hiscox, Lloyd’s, QBE, Tokio Marine, Lloyd’s and XL Caitlin to ensure the build and tender.
The LMA previously estimated claims expert spend in the Lloyd’s market to be in the region of £500 million a year.
Tim Bowling, senior executive at the LMA explained: “This platform enables a greater understanding of expert spend and will allow Lloyd’s carriers to make informed decisions around that spend.”
Over 500 experts have been pre-registered for access to Gemini with the support of Lloyd’s carriers.
Bowling added: “The development of a searchable database of regularly used experts, supported by the onboarding process and performance oversight, will allow carriers to manage effectively the delivery of claims services for the benefit of carriers and policyholders alike.”
A carrier market group of sixteen managing agents led by LMA have been involved throughout the tender.
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