Lloyd’s Chief Claims Officer Matt Bunting joined the session to present the Lloyd’s claims strategy, which aims to position Lloyd’s as the market of choice through claims excellence. The strategy highlights five challenges: early engagement with clients and brokers, effective delegation of claims, reducing leakage, improving data quality, and articulating claims’ value. Members were invited to reflect and provide feedback at the next meeting.
The committee also discussed the LMA Board’s recommendation on the RITC claims clause, agreeing to articulate operational guidance, with an update due in October.
Progress on the Faster Claims Payment (FCP) initiative was reviewed, including adoption rates and ongoing efforts to address operational barriers. The committee recommended enhanced communication and the publication of best practice guidance.