Gemini - Phase II’s fee settlement solution goes live

The long-awaited Gemini Expert Management & Settlement System for claims experts is now live, instigating the first payment of fees to an expert using the automated settlement facility whilst capturing structured data and MI in relation to expert spend, performance, and claims leakage.

Gemini, built and operated by Advent Claims and funded by the LMA, removes the lack of visibility, burden, and cost associated with managing experts and the related claims expense, for Lloyd’s managing agents and London Market carriers. Gemini delivers a data first and tech enabled solution and service, generating an efficient, straight-through fee and expense management product, linked directly to carriers claims management systems.

There are 2 routes to carrier adoption;

via API integration (typically via WriteBack). This data first approach has been built with Charles Taylor and DOCOsoft, and is ready now for immediate adoption by carriers using the Charles Taylor TRAX platform. The adoption of the API integration delivers the fully enriched data set that will allow carriers to maximise their understanding of expert spend and usage, whilst at the same time streamlines the expert appointment process in to Gemini for claims adjusters. Adoption will follow for all remaining Lloyd’s WriteBack vendors from Q1 2021 following an alignment of the API to the new LIMOSS Common Service Standard, and then later in 2021 for ILU and LIRMA bureau.
via a non-API enabled adoption route. The document below outlines the 4 methods for adoption, which all essentially instigate the appointment of the expert within Gemini, which then drives the invoice submission by the expert via Gemini, and subsequent payment service delivered by Gemini. This method of adoption is available to all carriers immediately across Lloyd’s, ILU and LIRMA, and whilst it does not deliver the fully enriched data set, it allows carriers to realise the cost benefits associated with reduced transaction charges (£25 versus the £90-£140 currently being paid), plus the insight in to how much each carriers is spending with their experts.

Gemini Phase 2 – Adoption Path

How Gemini Works

When a carrier onboard with Gemini phase 2, the process is as follows:

Both the API or non-API solutions send details of the claim to Gemini, where a claim record is set up that mirrors that within ECF.
Gemini emails the expert on that claim advising the lead carrier has asked them to submit all fees under that UCR via Gemini.
The expert then uploads all fees on that claim in to Gemini, and Advent process under a parallel UCR, collect the fee via central settlement and then pay on to the expert electronically. Advent in their role of fee broker “scrape” the enriched expert spend data and add it to Gemini, so carriers can now see how much they are spending on their experts.
The £25 fee is split between all subscribers to the risk (where the carriers have signed up for Gemini).
In all instances, the expert is being asked to submit fees via Gemini. There has been near universal support from experts, as they can consistently submit their fees in to London at no cost, with the removal of uncertainty about getting paid.

What is Gemini?

Gemini is the market solution that facilitates / improves the way Lloyd’s & IUA carriers:

manage experts (on/off panel)
locate and appoint experts across all CoB and territories
oversee an experts performance
capture, manage and analyse claims expense - providing carriers with expense and performance insight via structured data
pay experts for their services

- Gemini phase 1 was delivered in November 2018, and established a repository and panel for claims experts used by the London Market (currently over 700 experts registered in Gemini). A yellow pages, with the ability to onboard experts, facilitate high level due diligence, and manage expert panels.

- The phase 2 deployment now available changes the way claims expenses / fees are managed, controlled and reported, via structured data and API's (as part of the claims process managed by carrier claims teams), whilst capturing data and processing invoices raised via experts. This will allow carriers to make informed decisions on their use of experts whilst analysing accurate data on how much is spent with each expert, by type, CoB, and territory, whilst having budget control and performance oversight.

Benefits

Structured data, giving true insight to open market expert usage and spend for the first time – Lloyd’s managing agents are spending between £500m and £1bn year with claims experts – we will finally know exactly how that money is spent and where savings and collective bargaining power can be focused and achieved.
Expert performance and usage is monitored against spend, ensuring we are utilising a supply chain that provides demonstrable value and positive claims outcomes
Removal of touchpoints and costs in the process:

- removing manual carrier processing touchpoints (that sit outside of the claims handling process)

- removing broker processing touchpoints

- removing fee collection and service provider costs (per TR in addition to the experts fee) and touchpoints

- reduced fee service processing costs for carriers, from £90 - £140 per transaction to £25 per bureau transaction

Experts get their fees paid within 30 days, with no charges or deductions, and they also have visibility of their fee as it is processed through London.

What does it cost?

There is an annual subscription cost that is split across the entire market, and a transactional charge for each expert payment that is processed of £25. LIMOSS will be engaging with each carrier as part of the onboarding process to agree a Market User Agreement to allow the collection of each carriers respective share.

Advent have created a website for Gemini which provides more information, and this can be found at https://geminiexpert.com/.

Tim Bowling
Senior Executive, Claims
Tim.Bowling@lmalloyds.com