Electronic Claims Files Arriving Shortly

by Gill Montia

Story link: Electronic Claims Files Arriving Shortly

The International Underwriting Association of London (IUA), the representative body for international and wholesale insurance and reinsurance companies, has confirmed that a number of London-based companies will soon begin to use electronic claims files (ECF).

The processing of claims in the London market has traditionally been paper intensive with underwriters handling bundles of documents for review and settlement. The process can be time consuming and inefficient, causing delays for clients and increasing costs.

The proposed new system is based on the existing Claims Loss Advice and Settlement System (CLASS), which has operated in the company market for nearly 20 years.

The IUA established a pilot ECF project, in June 2006, to assess the reliability, functionality and overall effectiveness of the new technology.

The project is expected to run until the first quarter of 2007 and results have been positive so far, with seven insurers and four brokers participating initially, and a further three insurers and over 12 brokers joining the scheme later.

The use of Electronic Claims Files together with CLASS is expected to provide a more transparent service as well as speeding up the claims submission process.

When the new system is launched all ECFs will be linked to a shared market repository which will include a facility for electronic storage.