Historically, the London insurance market has been known for its complex and inefficient systems, which pose challenges for brokers when engaging and working with the market. These systems also made it hard to determine what the market’s overall spend on claims experts was annually, making it extremely difficult to manage the cost of claims effectively. Following a thorough review of the challenges, the Lloyd’s Market Association (LMA) knew it had to address these issues and tackle the expense problem to support future growth.
To do that in a way that aligned with The Future at Lloyd’s – a programme of digital transformation to create the world’s most advanced insurance marketplace – existing infrastructures needed to be digitalised. The association needed a provider that understood the challenges, had a vision to see through the complexity and had the technology that could be implemented quickly and simply, while causing minimal disruption to existing legacy systems.
Overcoming claims complexity
Following a rigorous competitive tender process, the LMA selected Advent Insurance Management Limited to design, build and implement a claims expert management solution – Gemini. Developed on Netcall’s low-code platform Liberty Create, the new system would, for the first time, enable insurers to understand their true spend on claims experts, better manage relationships and closely monitor performance.
Phase one: Implementing the new low-code infrastructure
To achieve this, the LMA needed a system that catalogued the existing claims experts it worked with. Using the Create solution, Advent built a platform that allowed LMA members to easily register regularly-used experts.
By using low-code technology, Advent built in structured data fields to ease the registration process. Pre-registering experts has enabled the market to ensure due diligence and performance oversight, as well as maintain easy access to additional documentation, such as rate cards and terms of engagement. The result is an easily searchable database containing all registered experts.
With over 50 managing agents using four main claims management systems, Advent also needed to work with multiple service providers to establish an API integration between the Gemini platform and the managing agencies’ claims management systems. Due to the speed, simplicity and ability of Create to manage APIs and integrations with established IT systems, this first step in the Gemini journey took just five months to complete – a significant achievement for a London Market project.
Phase two: Managing the cost of claims
Following the implementation and adoption phase, where managing agents (MAs) and experts were transitioned to the new Gemini system, the next step was to utilise the platform to capture structured data that would enable successful claims cost management.
Phase two, would enable MAs to create a record of a claim within the Gemini system. To select an expert, agents would further be able to choose from the pre-registered catalogue via a drop-down menu. Once appointed, this information sends an API back to Gemini, prompting a message to be sent on to the expert. As well as notifying them that they’ve been selected with full details of the claim, the message also provides a link to a payments page, where the expert can submit their invoice following completion.
Previously, the process of invoicing had been extremely complex but, using Advent’s Create-based Gemini platform enables invoices to be simply dragged and dropped in order to be uploaded. Structured data fields also enable experts to easily enter the amount, currency, tax and select a chosen bank account for the invoice to be paid to.
By capturing all claims transactions data within one system, carriers can view exactly what their true fee spend is, who they are spending it with and where fees are being incurred. This vital intelligence empowers carriers to make far more informed decisions that influence how they manage these relationships in future – including who they use, how they are used and the value they bring.
Other key benefits to the Lloyd’s Market will include:
- Oversight of claims-expert performance, with the ability to track fee budget erosion on real-time dashboards using data captured through the Gemini platform, with an optional set of monthly or quarterly customer/service KPIs for lawyers and loss adjusters
- Carriers can manage their relationships with regularly used experts, including the onboarding of experts via a market-centralised due diligence exercise with ongoing oversight of performance
- The searchable database of experts, usable by the market, allows a claims adjuster to identify a suitable expert for a given class of business/territory and make an informed decision
Lee Elliston, Claims Director at the Lloyd’s Market Association, commented:
The development of the Gemini claims expert management system has been a significant step forward for the Lloyd’s Market on its digitalisation journey. It connects stakeholders digitally and focuses on the power of data, bringing a modern solution to a legacy problem that will support how the market reduces expense, operates, and transacts in a modern way, and drives value from third parties. Thanks to Advent’s Market knowledge, design expertise and the flexibility of the Netcall Create platform, we have been able to deliver this in a bespoke and agile way.
Tim Bowling, Senior Executive at the Lloyd’s Market Association, added:
The Gemini platform will enable a greater understanding of expert spend and allow Lloyd’s carriers to make informed decisions around that spend. The development of a searchable database of regularly-used experts, supported by the onboarding process and performance oversight, will also allow carriers to more effectively manage the delivery of claims services for the benefit of carriers and policyholders alike.
Rob Myers, Operations Director at the Lloyd’s Market Association, concluded:
Digitalisation within the Lloyd’s Market has never been easy, but Netcall’s low-code platform has enabled us to modernise and optimise a number of processes. We look forward to seeing how we can utilise this technology further within the Lloyd’s Market.
By providing simplistic drag-and-drop and upload features, real-time dashboards, and easy integration with a number of other core systems, Netcall’s Create platform has enabled Advent, on behalf of the Lloyd’s Market Association to build better, more efficient, processes for the Lloyd’s community.Learn more about low-code for the London Market