Lloyd’s Market Association launches claims management solution
The Lloyd’s Market Association (LMA) has launched Gemini, a claims expert management solution and platform for Lloyd’s carriers.
Developed by the LMA, in partnership with Advent Insurance Management, and driven by claims professionals from the Lloyd’s market, Gemini will enable carriers to understand their true spend on claims experts, manage the relationships and monitor their performance, according to a corporate statement. This will help to achieve management efficiencies, a greater control of and reduction in claims costs and will improve the performance of experts, the LMA said.
The LMA has previously estimated claims expert spend in the Lloyd’s market to be in the region of £500 million a year.
“This platform enables a greater understanding of expert spend and will allow Lloyd’s carriers to make informed decisions around that spend,” said Tim Bowling, senior executive at the LMA. “The development of a searchable database of regularly used experts, supported by the onboarding process and performance oversight, will allow carriers to manage effectively the delivery of claims services for the benefit of carriers and policyholders alike.”
Over 500 experts have been pre-registered for access to Gemini with the support of Lloyd’s carriers, according to the LMA.
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