13 November 2017Insurance

LMA Claims Committee selects partner for Lloyd’s carriers

The LMA Claims Committee has selected Advent Claims as a partner and vendor for its Claims Expert Management Hub for Lloyd’s carriers.

The Lloyd’s market has spent over £1 billion on third party experts in the past 24 months, according to data collected on behalf of the market.

Advent Claims, utilising the MATS platform provided by MatsSoft, will now develop and administer the platform at the hub’s core. This will enable managing agents to record, track and control budget and spend in relation to claims experts, while providing measurable reporting.

Lee Elliston, head of claims operations at the LMA, said: “The appointment of Advent Claims is a significant step forward that will enhance data capture, provide intelligence around claims expense and leakage, support management of and measure the performance of claims experts. For the first time, managing agents will have access to empirical data about the cost and performance of claims experts globally. I would encourage all members of the Lloyd’s claims community to engage in the Hub’s development, to help deliver greater control over claims costs and better outcomes for re/insureds.”

Jerry McArthur, managing director, Advent Claims, said: “Advent Claims is extremely pleased to have been selected to support this laudable market initiative. The platform will capture and host unique and authoritative claims data, empowering managing agents with an informed view of claims experts worldwide. Ultimately this will enable managing agents to create efficiencies through greater control of claims costs, while boosting the claims capability of the Lloyd’s market as a whole.”

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