Gallagher Bassett continues to grow its Claims Management business within the Lloyd’s of London market, now managing Australian-based claim portfolios for 17 managing agents across multiple product classes predominantly Casualty, Property, Accident & Health and Motor.
One of the market challenges facing European Union insurers, including Lloyd's Underwriters, is with regards to Solvency II and Conduct supervision. Recent changes came into effect from 1st January 2016 following the Financial Conduct Authorities recommendations.
The changes affect both Third Party Claims Administrators (TPAs), like GB, and Coverholders who hold a delegated authority to manage claims for Lloyd’s managing agents. Specifically, there are new minimum standards around the provision of increased Management Information and conduct of risk assessments.
TPAs like GB and Coverholders alike are now required to report monthly to Managing Agents in standard and agreed formats as issued by the Lloyd’s Market Association. Reporting includes standard portfolio data by bordereau, complaints/feedback registers, catastrophe provisioning and specific service metrics and performance monitoring indicators.
“GB continue to offer Lloyd’s a safe pair of hands in this regard and are reporting to the increased standard, allowing Lloyd’s Managing Agents and Coverholders to focus on and grow their core business” said Peter Diskin, National Business Development Manager – General Insurance
We invite any Coverholder’s who would like further information on the increased requirements to contacts us as we would be happy work through the requirements to add support.
