Lloyd’s issues process reform update
Lloyd’s of London has published an update on its business process reform programme, which incorporates Electronic Claims Files (ECF), Accounting and Settlement (A&S) and Contract Certainty.
The insurer reported that significant progress has been made, with ECF use increasing from 30% at the start of 2007 to 90% by the end of the first-quarter of 2008, for in-scope claims. Currently 97% of brokers by volume are using the ECF initiative.
With regard to A&S, the majority of accounting and settlement original premium submissions are now handled electronically.
From the beginning of April, all original premium submissions, with the exception of a minority of exclusions agreed with the Market Reform Group, will be processed electronically.
Contract Certainty is now consistently above its 90% target in most areas, and the Financial Services Authority has stated that it no longer requires the market to continue monitoring contract certainty levels.
Lloyd’s is now looking at how the market manages accounting and regulatory and tax information.
Category: Companies News, Insurance News
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