Guy Carpenter, Amlin complete first “paperless” claim settlement

Guy Carpenter & Company Ltd., a global risk and reinsurance specialist, and Lloyd’s insurer Amlin (LSE: AML) say they have completed the Market’s first fully paperless claim settlement.
The claim settlement was made possible through the successful implementation of Electronic Claims File (ECF) initiatives in the London Market, Guy Carpenter said in a press release.
“As one of the first intermediary/reinsurer trading relationships to offer ECF, a key component of the broader London Market reform process, Guy Carpenter and Amlin will now be able to process and conduct all new claims transactions in a completely paperless environment, significantly enhancing client service,” Guy Carpenter says.
ECF is designed to improve radically 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.
The process, according to Guy Carpenter, results 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,” said Guy Carpenter’s senior vice president Frank Hudson. “Until now, clients and markets have not been able to reap the full benefits of ECF.
“We are pleased that we now have the ability to completely remove paper from the claims process. For the first time, there is immediacy in the claims adjustment process, giving our clients primary access to their reinsurers and allowing Guy Carpenter further opportunities to provide a superior claims service.”
Guy Carpenter and Amlin launched their ECF initiatives as part of the London Market Principles (LMP) market reforms program, which outlined a broad program for improving claims processes, facilitating faster decision-making and providing improved claims service to their clients.