UK insurer Amlin and risk and reinsurance firm Guy Carpenter have completed an electronic claims settlement to provide clients in the UK's London Market with claims adjustment, agreement and settlement in a paperless environment.
The companies’ electronic claims file (ECF) initiative, as part of the broader London Market reform process, means that they will be able to process and conduct all new claims transactions in a paperless environment, enhancing client service.
Guy Carpenter said that ECF improves the current London claims process, which requires reinsurance brokers to ship paper documents from regional offices to London and then distribute them by hand for review and agreement by underwriters, resulting in service delays and the inability for all parties to easily and efficiently access claim information.
While we have been trading electronically with Amlin since 2004, we have had to continue producing a paper file concurrently with transacting business electronically in all our trading relationships. Until now, clients and markets have not been able to reap the full benefits of ECF, said Frank Hudson, senior vice president at Guy Carpenter.
Guy Carpenter and Amlin launched their ECF initiatives as part of the London Market Principles (LMP) market reforms program, which outlined steps for improving claims processes, facilitating faster decision-making and providing improved claims service to their clients.