Charles Taylor Insurance Services (CTIS) and Xchanging Claims Service (XCS) have been selected by the Lloyd’s Market Association (LMA) to provide claims services to address ‘non-moving claims’ on behalf of Lloyd’s managing agents. CTIS will handle all claims with the exception of binding authority claims which XCS will handle. A target date of 1 January 2011 has been set for the new service to be in place.
The continued issue of non-moving (or static) claims, where a claim has been notified but no further update has been received over a 12 month period, led to the market requesting the LMA’s Claims Committee (LMACC) to review outsource suppliers to deal with the claims. The resulting tender process involved six potential suppliers with CTIS and XCS securing the backing of LMACC, subject to satisfactory negotiation of terms and conditions.
Both service providers will be able to obtain files and update claims on behalf of the market, provided those claims meet agreed parameters. Any cases outside of those parameters will be referred back to the relevant leading syndicate. The service is elective and so provides the market with choice in how to address the issue.
Commenting on the appointment of CTIS and XCS, Tim Willcock, Head of Claims at the LMA, said; “The continued existence of non-moving claims does little to enhance the market’s reputation when it comes to the swift and efficient handling of claims.
“The award of this contract to Charles Taylor Insurance Services and Xchanging Claims Services follows an intensive tender process conducted by the LMA’s Claims Committee. When the new contract is up and running from 1 January 2011, we believe it will represent a significant step forward in helping the Lloyd’s market focus resource on the process improvements currently being introduced to provide faster resolution of claims.”
Source : Lloyds News Release
