Hiscox adopts Xchanging’s Fees Direct+
Hiscox is the latest insurer to sign up to Xchanging’s Fees Direct+, a management system for handling fee settlement.
The program is available to Lloyd’s insurers and works by giving accurate, timely and comprehensive management information from the assignment of an expert through to fee settlement.
Hiscox will utilise Fees Direct+ to improve turnaround time, increase visibility with regards to terms of engagement and reduce the likelihood of errors.
“Insurers in the London market spend more than £1 billion a year on fees for third party experts, but, until now, have lacked an efficient way to monitor and manage their costs. We are delighted to be working with Hiscox to maximise the use of Fees Direct+, the benefits of which will also be available to the London companies market later this year,” said Adrian Guttridge, executive director Insurance Services, Xchanging.
Andrew Sellers, Group Claims Service Delivery manager, Hiscox said: “Adopting Fees Direct+ is a “win-win” for Hiscox, our clients and our global network of law firms. We hope the firms will see a significant improvement in cash-flow as we process their invoices more quickly. Hiscox and our clients will benefit from improved visibility on spend at every stage of a case. This knowledge will enable us to collectively manage spend and leverage our position more effectively. We are very pleased to be working with Xchanging on this service."
