Endeavour partners with Advent Claims to support Lloyd’s coverholders in Canada
Lloyd’s broker Endeavour Insurance Services entered a partnership arrangement with claims consultancy firm Advent Claims to support London Market coverholders operating in Canada.
Endeavour is the specialist binding authority broker placing contracts on behalf of international coverholders /managing general agencies (MGA's).
As part of the agreement, Endeavour will implement Advantage, Advent’s claims management system that captures all information required by regulators and insurers.
Advantage transforms the way information is captured and shared between delegated authority coverholders, brokers and their markets, according to the press release.
The system will free Endeavour coverholders from bordereaux column-filling. It eliminates errors and delivers the data carriers need for regulatory reporting – without transferring the burden to producers, according to the press release. It saves time and costs for all parties in the insurance chain and speeds claims payment times.
Advantage will also provide Endeavour with information to analyse binder and policy performance, enabling the broker to focus on adding value to both its clients as well as insurance markets rather than wasting time on administration and validation.
Sarah Newman, support services director at Endeavour said: “We reviewed many online platforms but found no equivalent to Advantage. The current arrangement is like driving down a road filled with debris. Advantage removes that debris and radically improves the claims process, which is ultimately what is of greatest importance to our clients.”
Paul Bermingham, director of Advent Claims, said: “The system is designed to restore London’s competitive advantage in international markets by answering the challenges set out in the London Matters report 2014. Advantage is a model employing redefined business processes supported by innovative technology that can propel the London market out of the doldrums. We look forward to delivering these benefits to Endeavour and its Canadian coverholders.”
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