Service will deal with "non moving" claims issue
Static claims are on the move again, with the launch of a new London Market Association (LMA) initiative.
The new service, designed to tackle “non-moving” or static claims in the Lloyd’s market, is now operational and ready for managing agents to sign up.
A static claim is where a claim has been notified but no further communication has been received for over 12 months.
The service is operated by Charles Taylor Insurance Services (CTIS) and will handle all non-moving claims apart from binding authority claims, which will be handled by Xchanging Claims Services (XCS).
CTIS’ involvement is a landmark for Lloyd’s as it is the first time that a tender process has been used by managing agents to choose an outsource provider for a market-wide solution.
LMA’s head of claims, Tim Willcock, said: “This service will be a significant step forward for the market in addressing non-moving claims. While it does not prevent claims from becoming static, it identifies those claims which are deemed to be static and provides an effective outsource option for managing agents.”
“The service is elective and so provides choice for managing agents in how they meet the standards set by the Corporation of Lloyd’s. Choice is a central principle in the Lloyd’s Claims Transformation Programme,” Willcock added.
CTIS and XCS will obtain files and update claims on behalf of participants, provided the claims fall within agreed parameters. Cases falling outside these will be referred back to the lead syndicate.
