CLAIMS QUARTERLY

Q2 2020


HEADLINES

 

Covid-19 Market Response & Support – trends emanating from Covid-19 related litigation, legislation and related regulatory requirements (including the FCA test case) are being appropriately supported by Class of Business claims groups, the market steering group and any appointed experts. Multiple classes and territories are impacted by Covid-19 with the Casualty, Contingency, Political Risk, Property (both Delegated Authority & Open Market) and Short Tail Property Reinsurance groups all assessing the trends and risks associated with Covid-19. In addition, they are monitoring claims performance of the market and third parties for their particular class, triggering their major claim response plans.

UK and US TPA performance data for Property, Travel and Contingency claims, and market data from DXC showing the volume and value of notifications and settlements processed can be viewed by all LMA members here.

Future @ Lloyd's - following the re-prioritisation of Q2 plans, the attached informs the market of key decisions that have been made during lockdown and the changes/priorities that have been considered to the overall plan to best inform Q3 and Q4 deliverables. This has been discussed as part of the LMA Claims & Delegated Authority Online Bitesize Sessions. 

Delegated Claims Standards - a collaborative approach from the market, Lloyd's & LIIBA has seen the creation of new Claims Standards to enhance the delegated claims business model by removing areas of technical or operational inefficiency that generates duplication and burden, amongst our DCAs and the market, where there is no competitive advantage. Full details can be found here.

MODERNISATION

 

Gemini - Gemini, the open market solution that allows managing agents to have oversight of claims experts, improves the way we pay experts, and provides managing agents with insight on expert spend will be delivered in Q3 2020. Click here for FAQs & further details.

Single Claims Agreement Party (SCAP) – since go-live in 2018 we have continued to analyse the usage of SCAP within the London market and identify the most common trends. Click here to view.

Small Claims Auto Settlement (SCAS) - the previous quarterly update included the scope, functionality, the managing agent's involved and outline of potential advantages of automating small settlements. This quarter we would like to provide an update on the progress following the PoC's go live date on 11 May 2020.

 

 
EDUCATION & EVENTS

 

Please find the results from our conducted Claims Capability Assessment  alongside PwC as part of our ongoing Claims Workforce of the Future assessment.

The LMA Claims and Delegated Authority (DA) Team has run a series of informal and engaging online bitesize presentations designed to keep our members informed of key claims & DA developments and market initiatives. Recordings and key supporting documentation can be found here. A new series will be run from September. If you have any topics that you wish us to cover, please contact James Wilson: James.Wilson@lmalloyds.com.

ILG (Insurance Law Global) and the LMA Young Professional Claims Group (Formerly U35’s) arranged a Virtual bootcamp series which aimed at addressing key issues of importance to new and young insurance professionals. The sessions were well attended and for those that missed the opportunity to attend, the recordings can be found here. 

Due to the ongoing situation relating to COVID-19, all LMA Academy programmes scheduled to take place this year have been postponed. You may still express an interest in any of these courses by visiting the LMA website.
DELEGATED AUTHORITY

 

Launch of the LMA DAC - a new Delegated Authority Committee (DAC) has been created to inform and guide the evolution of this important aspect of Lloyd’s underwriting, distribution, and claims. The group’s objective is to establish a customer-centric vision and future business model for DA for all disciplines, from our customers and clients - to Lloyd's carriers. Establishing what our distribution chain and market needs in order to be successful, ensuring that Lloyd's is the market of choice. Click here to view the press release.  

For full details of work product within the Delegated Authority space, please visit our website.

The LMA are pleased to announce Carla Wise, Delegated Authorities & Claims Operations Manager to the team. Carla will lead and support our members on all aspects of DA business, taking ownership of the revised committee structure, supporting the development of a DA strategy and leading and collaborating (with Lloyd's and our value chain) on market and Lloyd's DA initiatives.