Claims transaction times cut by 40 percent at Lloyd’s
Claims transaction times at Lloyd’s have been cut by 40 per cent from 25 to 15 days, during the pilot phase of the Claims Transformation Programme (CTP).
The CTP pilot was launched to enhance Lloyd’s reputation for fast and fair claims handling and deliver more transparent, efficient and effective claims processes, the company said.
Around three quarters of claims within the Lloyd’s market are under £100,000 and it is these smaller more straightforward claims, by Lloyd’s market standards, that have seen the greatest increase in speed in the pilot.
“We were aiming for a 25 per cent reduction in claims transaction times, so to reduce times by 40 per cent is a great success,” said Lloyd’s Head of Claims David Lang. “The qualitative reviews we have carried out also indicate an improvement in the quality of claims adjusting reinforcing the reputation of the Lloyd’s market.”
The pilot covered marine hull, property D&F and casualty treaty business at Lloyd’s and has processed more than 7,500 claims since it kicked off in January 2010. From 1 July 2011 the pilot has been extended to the remaining areas of marine, property and all energy classes and further extensions are being scheduled.
