Faster Claims Payment (FCP) is a new funding and payment solution which provides fast and direct payment of a claim to a policyholder, delivering significant benefits for brokers, their customers, and the entire market. Brokers have a critical role to play in the FCP process, both in the early stages and when FCP becomes an embedded and valuable component of the joint venture.
FCP will improve the claims experience for policyholders by allowing Delegated Claims Administrators (DCAs) to make payments on request in local currencies, drawing on managing agent funds directly via the Vitesse payment platform, removing the need for loss funds and the associated cash calls, and paying claims in hours. The solution enhances the reputation of Lloyd’s and all market participants, allowing them to compete with local insurance providers in efficiency and speed.
During our pilot, FCP successfully delivered 5,512 payments totalling $18 million with more than 20 fully automated replenishment cycles.