Lloyd’s Market Association (LMA) has selected Charles Taylor Insurance Services (CTIS) and Xchanging Claims Service (XCS) to provide claims services to address ‘non-moving claims’ on behalf of Lloyd’s managing agents.
Under this contract, CTIS and XCS will be able to access files and update claims on behalf of the market, provided those claims meet agreed parameters.
If any cases are outside of the given parameters they will be revert to the relevant leading syndicate. The service is elective and so provides the market with choice in how to address the issue.
The continued issue of non-moving (or static) claims, where a claim has been notified but no further update has been received over a 12 month period, led to the market requesting the LMA’s Claims Committee (LMACC) to review outsource suppliers to deal with the claims.
LMA Claims head Tim Willcock said that the continued existence of non-moving claims does little to enhance the market’s reputation when it comes to the swift and efficient handling of claims.
“The new contract will be up and running from 1 January 2011, we believe it will represent a significant step forward in helping the Lloyd’s market focus resource on the process improvements currently being introduced to provide faster resolution of claims,” Willcock said.