The partnership between managing agents and delegated claims administrators (DCAs) is critical to the success of our delegated authority business, which represents 40% of the premiums written at Lloyd’s. One of the key benefits of the effective use of DCAs is that they can support quick and efficient customer service including the speedy payment of claims.
For this reason, and following a successful pilot, Lloyd’s is providing important guidance to support the forthcoming adoption of our Faster Claims Payment (FCP) solution which will help enable the faster transfer of claims money to our customers. The FCP solution allows DCAs the ability to access funds directly from syndicates as and when required, reducing the need for the management of separate loss funds. It will also support Lloyd’s wider objective of supporting more cost-efficient claims management processes.
For FCP to be properly adopted, it is critical that there is effective management of client funds by ensuring clean and accurate data as well as transparency and regularity in accounting and reporting. Lloyd’s is therefore providing best practice guidance for managing agents and DCAs on bordereaux and data management, claims management and accounting reconciliation.