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(From Post Magazine)
Lloyd's market claims files are now being processed electronically without paper file back-ups, and managing agents and brokers are committed to increasing the number of claims handled through the electronic claims file repository significantly over the coming months.
Currently, 18 Lloyd's managing agents have committed to receiving all the new in scope claims electronically, with all managing agents and 35 brokers additionally signed up to the ECF project. The London company market is also piloting the system.
ECF at Lloyd's combines the claims loss advice and settlement system (CLASS) at Lloyd's and the insurers' market repository, which operate together as one system via an integrated graphical user interface.
Bernard Rice, senior claims examiner at Markel International and member of the Lloyd's Market Association's electronic claims practitioner committee, says: "Using the system is intuitive. Really it's like e-bay - you're viewing images and creating a financial transaction."
Class action
To advise insurers of a new claim, brokers create records in CLASS and add any supporting claim documents and risk information to the repository. An electronic alert is then sent to all underwriters on risk to notify them that a new claim, or new information on an existing claim, is available for review. This message automatically populates the leader's 'awaiting action' list.