The Lloyd’s Market Association (LMA) and Advent Insurance Management have launched a claims expert management solution and platform to help carriers track their expenditure.
Gemini will enable carriers to understand their true spend on claims experts, manage the relationships and monitor their performance. This will help to achieve management efficiencies, a greater control of and reduction in claims costs and will improve the performance of experts, according to the LMA.
The LMA has previously estimated claims expert expenditure in the Lloyd’s market to be in the region of £500 million per year.
Tim Bowling, senior executive at the LMA, explained how the Gemini platform will help carriers to understand and control this expenditure. Bowling said: “This platform enables a greater understanding of expert spend and will allow Lloyd’s carriers to make informed decisions around that spend. The development of a searchable database of regularly used experts, supported by the onboarding process and performance oversight, will allow carriers to manage effectively the delivery of claims services for the benefit of carriers and policyholders alike.”
“Over 500 experts have been pre-registered for access to Gemini with the support of Lloyd’s carriers.”
The LMA announced plans to give carriers a greater understanding of their claims costs earlier this year, with LMA claims director Lee Elliston calling the platform “just one of many important step towards a more modern claims process”.