Insurance Times Awards 2023: Vitesse hails 'transformative' partnership with Lloyd's

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Mark Rogers, vice president of business development at Vitesse, discusses the organisation’s entry for the Claims Partner of the Year award

Why did you enter the Claims Partner of the Year award?

Mark Profile Photo Sept

Mark Rogers, vice president of business development, Vitesse

Faster Claims Payment (FCP) stands as a transformative collaboration between Lloyd’s and Vitesse, offering substantial benefits to all marketplace participants and claimants.

FCP achieves further digitisation of claims back-office processing through API/SFTP integration with claim administrators’ systems and automated replenishment of loss funds, based on real-time claim payouts, not manual bordereaux.

Moreover, Vitesse’s global payment network ensures fast and full-value payments, drawing from loss funds in 14 possible currencies and facilitating transactions to virtually any location worldwide.

What do you think makes your entry stand out and why should you win the award?

FCP stands out for its remarkable efficiency in releasing funds in local currencies, markedly elevating the policyholder experience.

The integrated treasury management solution guarantees capital efficiencies, returning a substantial 80% of the typical liquidities needed for claims operations back to carriers.

Vitesse’s global payment network and streamlined processes contribute to real-time settlements in 70% of cases, achieving an impressive average payment time of just 0.3 days.

The solution’s success is evident in its rapid adoption, with an impressive 53 out of 54 underwriting firms on board within a year of its launch.

What would winning this award mean to you and your firm?

Winning the award solidifies FCP’s impactful presence in the Lloyd’s marketplace and the wider insurance sector, particularly considering similar Vitesse solutions across the UK and globally.

It symbolises recognition for our innovative approach to intelligent claims fund management and claim payment, fostering trust and bolstering our reputation.

This accolade supports our commitment to positive industry transformation, validating Vitesse’s dedication to pioneering advancements in insurance processes and enhancing the overall landscape.