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Insurance industry honours Faster Claims Payment solution

8 December 2023

FCP wins ‘Excellence in Technology – Claims’, ‘Claims Innovation of the Year’, 'Claims Initiative of the Year' and 'Claims Achievement Award'

Solution transforms claims experience for customers and market participants

As more market participants are signing up to use Faster Claims Payment (FCP), the insurance industry is recognising and rewarding the scale of the market-wide issue that FCP is solving, the work that has gone into the development and adoption of the solution, and the benefits for the entire market. At the Insurance Times Awards on 6 December 2023, FCP won the award for ‘Excellence in Technology – Claims’, and was named ‘Claims Innovation of the Year’ at the Claims & Fraud Awards in October. Earlier this year at the British Insurance Awards in July, FCP was named ‘Claims Initiative of the Year’, also winning the ‘Claims Achievement Award’ at the Claims Excellence Awards in May 2023.

FCP also received silver awards or highly commended certificates at various awards for ‘Claims Service Solution of the Year’, ‘Claims Collaboration of the Year’, and ‘Best Use of Technology for Customer Experience’. In 2024 the solution will be competing for five other awards including ‘Best Customer Service Product’ and ‘Insurance Initiative of the Year’.

Almost £1 billion of claims funds have traditionally been scattered around the world in individual bank accounts, or loss funds, managed by Delegated Claims Administrators and coverholders on behalf of Lloyd’s managing agents. FCP is revolutionising the market by centralising and significantly reducing these funds, enabling claims to be swiftly paid to our customers when they require them, and freeing up capital for our market participants to invest in other important initiatives.

“FCP is a key component of our Blueprint Two market modernisation programme and is already delivering tangible improvements for our policyholders, including following Hurricane Ian last year. This accolade acknowledges the whole market working together, and I’d like to congratulate the Lloyd’s team past and present, our market champions, market associations and our FCP partner Vitesse for this well-deserved recognition.”
Bob James, Chief Operations Officer at Lloyd’s
“FCP delivers a transformational claims experience for policyholders, optimising the delivery of claim funds in their time of need while removing loss funds and improving the claims liquidity and payment process for all market participants. Everyone at Vitesse is proud to be a part of this solution, leveraging our global payments expertise and claims treasury platform to help the Lloyd’s market achieve its ambition to be better, faster, and cheaper for all participants.”
Phil McGriskin, Chief Executive Officer of Vitesse PSP

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