Faster Claims Payment (FCP) is an award-winning 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 enables payments directly to appropriate beneficiaries, reducing rework and eventually eliminating the loss fund process. Vitesse releases funds to more than 170 countries and territories in 100+ 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. With 14 currencies now available for centralised funding accounts, the service provides greater flexibility and cost-effectiveness across the claims payment process.
FCP is a central market service and the contract between Vitesse and LIMOSS has been signed. LIMOSS has contacted managing agents to sign their individual agreements to begin transferring binding authority contracts over to the FCP platform.