LMA tackles £1bn claims expert spend

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The Lloyd’s Market Association (LMA) claims committee has selected Advent Claims as a partner and vendor for its Claims Expert Management Hub for Lloyd’s carriers.

The Lloyd’s market has spent more than £1 billion on third-party experts in the past 24 months, according to data collected on behalf of the market, prompting the need for greater control over claims costs.

As a partner and vendor for the LMA’s Claims Expert Management Hub, Advent Claims, utilising the MATS platform provided by MatsSoft, will develop and administer the system at the hub’s core.

This will enable managing agents to record, track and control budget and spend in relation to claims experts, while providing measurable reporting. It will also allow managing agents to select experts, such as lawyers and adjusters, based on historic performance and their overall effectiveness in handling individual claims at an agency and market aggregate level.

The elective components of the tool will also offer the functionality to set service level agreements, deliver central and standardised terms of engagement and rate cards. The hub will support managing agents and their experts and help improve the service that (re)insureds receive.

Lee Elliston, head of claims operations at the LMA said: “The appointment of Advent Claims is a significant step forward that will enhance data capture, provide intelligence around claims expense and leakage, support management of and measure the performance of claims experts. For the first time, managing agents will have access to empirical data about the cost and performance of claims experts globally.”

“I would encourage all members of the Lloyd’s claims community to engage in the Hub’s development, to help deliver greater control over claims costs and better outcomes for (re)insureds.”

Jerry McArthur, managing director at Advent Claims, added: “Advent Claims is extremely pleased to have been selected to support this laudable market initiative. The platform will capture and host unique and authoritative claims data, empowering managing agents with an informed view of claims experts worldwide.”

“Ultimately this will enable managing agents to create efficiencies through greater control of claims costs, while boosting the claims capability of the Lloyd’s market as a whole.”

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