Advent Claims, the insurTech-led claims thrid-party administrator, has signed an agreement to administer all claims for Aquila Underwriting-backed MGA, Principia Underwriting.
Principia, which previously managed claims in-house, will implement Advantage, Advent’s proprietary claims management system, to manage claims arising under its eleven binders. Principia’s portfolio contains mainly professional lines risks, predominantly cyber and media related.
Because Advantage captures all the information required for regulatory purposes, this will enable Principia to provide all data required by regulators extremely efficiently. Using straight-through processing, Advantage eliminates errors, saves time, and reduces costs for all parties. It also speeds claims payment times significantly.
Jerry McArthur, the managing director of Advent Claims said: “I am extremely pleased to announce that Principia has appointed Advent to manage its claims function. This demonstrates Advent’s ability to manage a broad range of US-exposed professional lines risks, including media, professional indemnity, E&O and cyber.
“We look forward to assisting Principia in achieving greater efficiency and transparency while dramatically easing the burden of regulatory reporting.”
Chris Newton, Principia Underwriting’s managing director said: “The decision to outsource our claims function led us to review many propositions, and Advent’s was by far the most compelling. Advent is an experienced TPA and provides the highest levels of service via its IT platform.
“It complies with all FCA, Lloyd’s and Solvency II Pillar 3 reporting requirements, which was critical for us. This proven and innovative service will ensure we continue to meet all operational, regulatory and data reporting requirements both now and in future.”