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.