Skip to main content

FAQs

Contact information

For Lloyd’s please email FCP@lloyds.com and for Vitesse email support@vitessepsp.com

If you haven’t heard from Lloyd’s or Vitesse regarding potential onboarding, please don’t hesitate to contact us here.

The scope of FCP

The FCP process will be embedded within the joint venture – it may evolve over time as we seek to improve Delegated Authority processes overall as part of the JV delivery.

Improved claims settlement and payment processes will be delivered as part of the joint venture delivery of the International Claims Orchestration Service (ICOS) and its associated components.

Yes, FCP is global. As members of SWIFT, Vitesse can pay to anywhere your bank can.

We recommend onboarding to FCP with singleton business initially to understand and embed the new processes into your organisation. New binders or renewals ensure a clean start in FCP; however binders from this year and prior years back to 2018 are also in scope. Please see the – bordereaux must be in line with the current version of the Coverholder Reporting Standards and you should be in a position to complete your monthly financial cycle with few to no queries.

We recommend onboarding to FCP with singleton business initially to understand and embed the new processes into your organisation; however FCP is operational for subscription business. FCP requires all managing agents on the binder to be signed up to FCP so please liaise with your broker and partner MAs to determine the appropriate time to begin using FCP for a particular binder.

Financial

No, funds are taken directly from managing agent accounts and can be paid to the beneficiary directly.

No, FCP includes the set-up of one funding account per managing agent with Vitesse. Funds for payments for each binder loaded into FCP will be drawn from this account and it will be topped up on regular (weekly) basis via the ARCS STFO process.

The Delegated Claims Administrator (DCA) can submit this through the Vitesse Portal. It is recommended the DCA establish an Automated Programming Interface (API) between its claims management system and Vitesse to transfer payment requests.

Currently details of the binder are provided by the broker to Vitesse for a manual set up of the payment account, which includes the splits. Release 1.4 of the Delegated Contract and Oversight Manager (DCOM) will enable the integration of DCOM with Vitesse. From then on brokers will input the binder details into DCOM, where they are verified by the Lead MA and made available for use by Vitesse via API, removing the need for manual entry by Vitesse.

FCP will be set up as a market service administered by LIMOSS. The cost of use of the service will be determined by a combination of the managing agent’s relative size of DA business and volume of binders they put through the platform.

Market participants

During the scale phase when more binders are transferred from loss funds to FCP. This is when the true benefit of FCP will be shown, because of savings in account and transaction fees, as well as the further elimination of the loss fund process.

The market has been involved at every stage of the development of Faster Claims Payment:

  • The Vitesse platform was selected via RFI; a panel of market participants was involved in the assessment
  • The solution itself was developed with the support of a working group of managing agents and brokers
  • A pilot phase was held between July 2021 and April 2022 which consisted of 3 MAs, 2 DCAs and 4 brokers. The decision to launch FCP was taken following the success of this pilot

We have just commenced the early adoption phase where we would like to invite managing agents to load 1-2 singleton binders onto the platform to understand and embed the new processes. Full adoption is planned to begin from Q4 2022.

The FCP delivery team will be reaching out to managing agents directly or they can contact the team to arrange an introduction here. Lloyd’s and Vitesse will support adoption with process and system training.

Please view the best practice guidance a DCA needs to follow before they can adopt the FCP solution.