30 April 2014 Insurance

Xchanging agrees claims processing contract with Lloyd’s

Xchanging, the business, procurement and technology services provider, has agreed a three-year claims processing contract to support its Lloyd’s customers.

The contract, which has been negotiated on behalf of the Lloyd’s Market Association’s board by Stuart Davies of AEGIS, is now being issued to individual managing agents for signature over the coming weeks.

In addition, XCS and the CSRB have reached a successful conclusion in their discussions surrounding the CAF transition into CTP. The agreement will provide the market with a guarantee of continued support for the transition. The deal will ensure the resources necessary for the delivery of the transfer, in accordance with its accelerated timetable which concludes later this year.

Paul Bermingham, executive director of claims, Xchanging, said: “Today’s announcements on both the CAF transition and the new claims processing contract, demonstrate our commitment to serving the changing needs of the London market.

“We have one of the largest claims operations in the London market, and our focus remains on utilising this longstanding experience within the business to provide the best quality service to existing and new customers.  XCS is evolving to meet market needs – and while we continue to develop elective and international claims services, London remains a key market for us.

“Technical processing is a key area of growth for our business and we are delighted to continue providing these services to the Lloyd’s market. It is testament to the strength of this area of our business and we will be investing in the resources necessary to support market demand for these services.”

David Gittings, chief executive of the Lloyd’s Market Association, said: “We are pleased these discussions have reached a conclusion that will support the market. The London market is unique in its ability to manage the most complex of claims, and our agreement with Xchanging will ensure it maintains its position within the competitive global market. All parties involved in the discussion have demonstrated their commitment to delivering against a high benchmark.”

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