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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.

Learn more about FCP

DCA and MA guidance

Guidance to support effective claims fund management and FCP solution for managing agents and delegated claims administrators.

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 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 team to allow accounting to be finalised.

The journey so far

Between July 2021 and April 2022, in preparation to scale up, FCP successfully delivered 5,512 payments totalling $18 million with more than 20 fully automated replenishment cycles, during an initial pilot phase.

As expected, it has also highlighted some process issues. To allow wider launch we are working with some market participants during early adoption of the solution, to test their processes with a limited scope of their business.

Get in touch

For more information on FCP please email us