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Claims Focus - LMP Reforms - LMP looks at speeding up claims Sprocesses.
(From Reinsurance)
The London (re)insurance market could save up to GBP50m ($81m) a year in costs by using a new streamlined accounting process, according to the London Market Principles (LMP) reforms programme.
The accounting and settlement steering group at the LMP is recommending the use of the XML data standards developed by the Association for Co-operative Operations Research and Development instead of the existing paper and bespoke accounting messages that the market currently uses for premium and claims payment processes.
According to the group the changeover would benefit the market by allowing faster processing of premiums and claims, greater flexibility in processing business, improved customer service and the removal of barriers that hinder existing business from coming ...
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