Claims management is taking on a greater role in the boardroom, according to a recent survey on Lloyd's claims management principles and standards.
The survey conducted by Ernst & Young of Lloyd's managing agents has indicated the market's eight claims management principles and supporting minimum standards have helped raise the issue's profile.
The minimum standards focus on claims reserving, measurement of claims performance and the selection and management of external experts.
Jeremy Pinchin, group claims director at Hiscox, said: "Lloyd's has a good reputation for paying claims, but any moves to advance the claims process can only be positive for the market as a whole."
The survey also revealed that nearly two thirds of those asked agreed the claims standards struck an "appropriate" balance between allowing differences between syndicates' own claims functions and the lowest level of acceptable performance.
But more than 25% felt the standards did not fit their format.
A Lloyd's spokesman said: "We shall continue to seek opportunities to enhance claims management standards, in partnership with the firms trading at Lloyd's."
