Lloyd’s Market Association (LMA), LIMOSS and Vitesse have agreed to extend the Lloyd’s faster claims payments (FCP) service for at least three years.
The extended arrangement reinforces an “insured-first approach” that streamlines payments and return of capital to carriers’ balance sheets.
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The Lloyd’s FCP service has seen full enrolment from all managing agents.
Under this agreement, Vitesse will continue to provide the FCP Service, which is integrated into Lloyd’s processes.
LIMOSS will oversee the management on behalf of the Lloyd’s Market.
Vitesse stated that broker and delegated claims administrator (DCA) involvement is increasing as adoption spreads.
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By GlobalDataAt present, more than 700 live binders are being managed utilising FCP.
Lloyd’s Market Association claims director Janine Powell said: “The renewal of the FCP contract highlights the Lloyd’s Market’s commitment to payment solutions that prioritise the customer and are capital efficient.
“Like all transformation projects this has taken hard work, time and commitment, but we now have an effective, scalable solution that works for the Market, and this is reflected in increasing adoption and usage.”
The platform receives input from various industry representatives, including market experts, the LMA and the London & International Insurance Brokers Association.
The FCP service aims to move claims funds to policyholders while supporting treasury management practices.
Lloyd’s market performance chief Rachel Turk stated in her Lloyd’s second-quarter market message that $2.3bn (£1.7bn) in loss funds are held to pay out for losses.
FCP can reduce this amount by up to 80%, releasing capital for investment and new underwriting, stated Vitesse.
Vitesse CEO Phillip McGriskin said: “This new agreement reinforces our position as a trusted provider to the Lloyd’s market, the most stringent and respected insurance marketplace in the world. It showcases the power of our connected financial infrastructure to unlock capital and improve liquidity across Delegated Authority business.
“FCP is built around the claimant, ensuring funds are immediately available to pay those impacted by a loss. It provides a market-proven solution to the ever-increasing priorities for insurance executives of capital management, operating costs and customer care.”
