Review confirms commitment to Lloyd's claims standards
Wed 18 Apr 2012
All of Lloyd’s 52 Managing Agents now have the framework in place to enable them to meet Lloyd’s enhanced standards designed to enhance the customer claims experience.
The implementation of the enhanced Lloyd’s Claims Management Principles and Standards framework – part of the Claims Transformation Programme – means that every Managing Agent trading at Lloyd’s has further reinforced its commitment to effective claims management. Each has evidenced the full range of Lloyd’s claims management requirements within their business model.
Tom Bolt's Claims Performance Team, led by Head of Claims David Lang, has supported the Managing Agents’ preparation during 2011 to meet the enhanced standards, which became effective on 1 January 2012.
“The enhanced Claims Management Principles and associated standards are designed fully to support Lloyd’s vision to continue to enhance Lloyd’s claims service and to deliver claims excellence,” explains Lang.
“It is a credit to the commitment and investment by every Managing Agent over the course of 2011 that Lloyd’s is able to report that the Lloyd’s market has successfully reached another key milestone in the Claims Transformation Programme – and on schedule. The transition will certainly benefit all our customers and our capital providers.”
Philip Godwin, Senior Claims Manager at Lloyd's, adds: “The enhancements mean that Managing Agents must be able to demonstrate that they’re providing appropriate levels of service and must have a mechanism in place to measure how they’re performing.”
“The changes reflect Lloyd’s desire to set itself apart from its competitors and will undoubtedly support and encourage greater service and enhanced customer experience.”
Every Managing Agent must demonstrate that they are able to meet eight core Claims Management Principles and 52 individual claims standards in order to manage claims at Lloyd’s.
The changes set out a more detailed set of standards by which Lloyd’s will evaluate Managing Agents. They also include the addition of eleven new standards over those in place since 2005, combined with the strengthening of the other existing standards.
The standards have also been updated to ensure compatibility with Solvency II requirements – especially surrounding outsourcing governance and control.