Lloyd’s broker and delegated authority specialist Endeavour Insurance Services has outsourced its claims processing to Advent Insurance Management.
Six members of staff have moved to Advent, where they will provide an initial outsourcing service to Endeavour for the remaining processing-based tasks, and also work with Advent’s other partners.
Endeavour partnered with Advent to develop the Advantage digital claims processing platform last year. The Lloyd’s broker offers the service free of charge to its clients.
This collaboration resulted in a transformation in the speed and efficiency with which Endeavour client claims can be processed, according to the Lloyd’s broker, and is expected, going forward, to create a dramatic reduction in the number of claims files that will need to be physically brokered to underwriters.
Sarah Newman, support services director at Endeavour Insurance Services, explained the decision to outsource claims processing to Advent.
She said: “Lloyd’s coverholders and third-party agents (TPAs) have complained of cumbersome, expensive and onerous claims handling processes, as well as increasing regulatory requirements, particularly compared to local markets. At the same time, the pressure is on Lloyd’s brokers to demonstrate that the role they are undertaking is truly vital to the insurance chain.”
“The Advantage system not only provides a single point of entry initiated by the coverholder or TPA, thus streamlining the existing method of handling claims, but satisfies the regulatory challenges which have been passed onto clients, therefore removing that burden from them.”
Endeavour founder and CEO David Lawrence said of the outsourcing agreement: “The London Market continues to evolve, with focus being increasingly drawn towards the cost of doing business.”
“Together with Advent, we have been able to demonstrate the value we bring to the claims process through the innovative Advantage platform, and why we—as brokers—continue to add value to our clients and markets by offering market-leading claims technology to all parties in the insurance chain. It is now a logical next step to outsource the non-Advantage functions of the claims process to a company with whom we have built up an excellent working relationship.”
Paul Bermingham, director at Advent, added: “We are delighted to welcome the Endeavour claims team to Advent and applaud the Endeavour management’s commitment to protecting their roles in the market.”
“Our growing relationship with Endeavour is based on a joint vision of refocusing the claims experience away from processing and administration to focus on adding real value to the coverholder and carrier relationships. The Advent team will continue to support Endeavour but will also have the opportunity to develop and progress across our other client engagements, products and services.”
Last month, Endeavour announced its agreement to merge with independent broker SSL Insurance Group, subject to Financial Conduct Authority approval.