Endeavour outsources claims processing
Lloyd’s broker and delegated authority specialist Endeavour Insurance Services has signed an outsourcing agreement with Advent Insurance Management for its claims processing services.
Endeavour has moved six members of its staff to the Advent team, where they will provide an initial outsourcing service to Endeavour for the remaining processing-based tasks, and also work with Advent’s other partners.
In 2017, Endeavour partnered with Advent to develop the Advantage digital claims processing platform.
Endeavour founder and CEO David Lawrence said: “The London Market continues to evolve, with focus being increasingly drawn towards the cost of doing business. Together with Advent we have been able to demonstrate the value we bring to the claims process through the innovative Advantage platform, and why we – as brokers – continue to add value to our clients and markets by offering market-leading claims technology to all parties in the insurance chain.
"It is now a logical next step to outsource the non-Advantage functions of the claims process to a company with whom we have built up an excellent working relationship.”
Paul Bermingham, director at Advent Insurance Management added: “Our growing relationship with Endeavour is based on a joint vision of refocusing the claims experience away from processing and administration to focus on adding real value to the coverholder and carrier relationships. The Advent team will continue to support Endeavour but will also have the opportunity to develop and progress across our other client engagements, products and services.”
Sarah Newman, support services director, Endeavour Insurance Services, commented: “Lloyd’s coverholders and TPAs (third-party administration) have complained of cumbersome, expensive and onerous claims handling processes, as well as increasing regulatory requirements, particularly compared to local markets. At the same time, the pressure is on Lloyd’s brokers to demonstrate that the role they are undertaking is truly vital to the insurance chain.
"The Advantage system not only provides a single point of entry initiated by the coverholder or TPA, thus streamlining the existing method of handling claims, but satisfies the regulatory challenges which have been passed onto clients, therefore removing that burden from them."
Newman added: "This business decision, to transfer the claims processing activities previously undertaken by us to Advent for them to assume responsibility for this work will make the process more efficient and cost effective for all parties concerned."
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