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Faster Claims Payment

Faster Claims Payment (FCP) is a new funding and payment solution which provides fast and direct payment of a claim to a policyholder. This solution decouples the payment of claims from the monthly bordereaux and loss fund top-up process. FCP facilitates direct access through the solution to insurer funds, via the Vitesse payment platform, decreasing any delay in payment. 

Our solution will enable payments directly to appropriate beneficiaries, reducing rework and eventually eliminating the loss fund process. Vitesse releases funds in local currencies which further benefits the claims experience for a policyholder.

FCP provides managing agents (MAs) with greater flexibility in their capital management through the loss funds process, and will eliminate the need for cash calls. Additionally, MAs are provided with real-time visibility and control over their claims payments as well as a reduction of associated account and transactions fees.

FCP is a central market service and the contract between Vitesse and LIMOSS has been signed. LIMOSS has now contacted managing agents to sign their individual agreements to begin transferring binding authority contracts over to the FCP platform. Managing agents who onboard in 2022 can start using the service immediately and take advantage of a reduction in costs offered by the LMA for the first half of 2023. You can see which managing agents have signed up on the LIMOSS website.

Hear from our team and from market pilot participants

Hausch & Company has been working with managing agent Brit and using the Faster Claims Payment solution to pay claims resulting from Hurricane Ian. In one instance, they paid the insured in three days following first notification of loss.

“Lloyd’s will be able to be more competitive with US insurers because you now have the ability to pay claims, right now, every time.”
“Month-end reconciliation went smoothly and any process changes didn’t require any additional time, and were worth it for the overall saving in effort and workflow improvement”
“We have many other binders we think are suitable for FCP once the MAs get onboard – we’re sitting on hundreds of thousands of dollars in loss funds we don’t think we need.”
Van Miehe - Director of Finance, Hausch & Company
“FCP removes several steps, allowing us to decrease the time to pay claims and increase financial accuracy.”
“A significant step in the right direction for the future of Lloyds.”
Dave Hausch - President, Hausch & Company

Learn more about FCP

FCP guidance

Benefits of FCP

  • Speeds up payments to policyholders by allowing Delegated Claims Administrators (DCAs) to draw on managing agent funds directly
  • Payments can be made in local currencies
  • Reduction of effort to set up and manage loss funds and participate in cash call processes
  • Reduction in bank accounts and associated fees for managing agents
  • Real-time visibility and control over claims payments
  • Reduced costs of wire transfers to DCAs for brokers

How does FCP work?

Delegated Claims Administrators (DCAs) request payment of claims via the Vitesse portal or an Application Programming Interface (API). Vitesse draws funds from MAs' accounts and processes the payment to the policyholder.

Prior to the submission of a bordereaux, Vitesse will process the DCA data provided. ‘Back-end’ reconciliation can be completed by the MA via the funding reports.  

The MAs' fund accounts are topped up on a regular basis. Vitesse requests replenishment from the existing Lloyd’s process which generates a funding report for the MAs.

Reconciliation of payment takes place between the solution and the MAs' financial teams to allow accounting to be finalised.

Get in touch

Please contact us for more information on FCP.

Are you using the DA Claims Status Tracker?

The DA Claims Status Tracker enables market participants to track the progress of any bordereau end-to-end; they will see who it is sitting with, how long they have had it and all historical actions, reducing process delays and queries.

We launched the Status Tracker initially to managing agents and brokers at the end of November 2021, and all managing agents are onboarded to the Lloyd’s Insights Hub where they can access the solution. The Tracker is now also available to Delegated Claims Administrators (DCAs). 

If you would like to onboard to the Insights Hub and begin to use the DA Claims Status Tracker please email us. 

You can also see a introductory video and sample data in the ‘Featured products’ section of the Insights Hub landing page before you sign up.