Managing agents should execute a Claims Management Strategy that is aligned to and supported by the business, delivering a high-quality claims service which includes a prompt and fair customer service, complying with legal and regulatory obligations.
To support this, managing agents should ensure:
Claims management forms an integral, clearly defined and understood component of the Syndicate Business Plan and of the medium to long term business strategy
Appropriate resource and expertise are in place to consistently deliver against the Claims Management Strategy, Syndicate Business Plan and medium to long term business strategy. This will include an appropriate method to measure, monitor and maintain resource adequacy, in line with the expected quality of service
Proactive claims management is delivered, supported by an infrastructure appropriate to the size and complexity of the business, reflecting the Claims Management Strategy, Syndicate Business Plan, and in alignment with the medium and long term business strategy
Accurate and timely case reserving is maintained in line with the reserving philosophy. Relevant insights, including development potential, are exchanged and taken into account within the overall business
Delegated claims handling services are delivered consistently and effectively, aligned to the Claims Management Strategy, Syndicate Business Plan, and medium to long term business strategy
Robust governance and oversight is in place, including at executive level, to monitor and manage delivery of outcomes against expectations whilst identifying and realising opportunities for improvement
The Maturity Matrix for Claims Management is available within the Principles and Maturity Matrix document, which can be found on our Principles for doing business at Lloyd’s page.
Throughout 2024, the Claims Management Principle has undergone a thorough review, resulting in its transition to a hurdle Principle as well as revisions to the Principle and sub-principle wording and guidance in the Maturity Matrix. A summary of the changes and approach to implementation and transition is provided below.
Access Principles and Maturity Matrix document
Download summary of revisions to the Claims Management Principle