Xchanging agrees multi-product contract with Marketform
Xchanging, a technology firm catering the insurance industry, has agreed a major multi-product contract to provide back-office claims adjusting and administration services to Lloyd’s managing agent, Marketform.
This is the first contract Xchanging has completed since it was acquired in early May by insurance firm CSC.
Xchanging will provide Marketform with delegated lead and claims administration services, which will allow Marketform to leverage Xchanging’s extensive claims operations and implement a customer-centric claims solution.
The announcement follows the recent appointment of Sharon Long as Marketform’s new claims director.
The solution, which will go live today (June 1), will enable Marketform to develop a more efficient claims model while adding more capacity to an experienced in-house team led by Long.
The contract represents an important step in the evolution of Xchanging’s claims management service, demonstrating Xchanging’s long-term commitment to providing flexible claims services and to supporting its global insurance and reinsurance customers, according to the firm.
Martin Reith, chief executive officer, Marketform, said: “We have made clear our commitment to making Marketform a more data-driven business and improving operational efficiency, while retaining a core focus on excellent service for our clients. Our agreement with Xchanging fulfils each of these key objectives.
“By working with Xchanging on our claims function, we will be able to respond more quickly to the needs of our brokers and insureds, ensure a leadership role in the modernization taking place in the marketplace and better adapt to the increasing regulatory requirements. This deal will also give our high-quality, in-house team much needed support and capacity as we expand into new lines.”
Kerry Rainer, director of Xchanging’s claims services, added: “By being agile, flexible and focused, we have executed this project within seven weeks, from the initial call to signing the contract. This is significant because it means faster time to value for our client.”
“Xchanging has the largest professional adjusting claims team in the London insurance market. Our claims specialists share the greatest expertise across all Lloyd’s risk codes, enabling us to provide Marketform with an excellent multi-class, multi-product, multi-region service.”
Marketform acts as a managing agent for Syndicate 2468 at Lloyd’s and underwrites specialist lines products including accident & health, cargo, financial lines, mergers & acquisitions, marine energy and liability, marine hull & war, bloodstock, political risk, professional indemnity and terrorism.
