Guy Carpenter unveils e-file claims initiative for UK reinsurers

Guy Carpenter & Company, Inc., a global risk and reinsurance specialist, and a part of the Marsh & McLennan Companies (NYSE: MMC), is launching an Electronic Claims File (ECF) initiative for reinsurers in the London market.
Guy Carpenter has been involved with the development, testing and implementation of the ECF pilot project with select Lloyd’s managing agents. “As one of the leading reinsurance brokers to offer ECF, a key component of the broader London Market reform program, Guy Carpenter will be able to process and conduct the many of its claims transactions in a completely paperless environment with its current trading partners, significantly enhancing client service,” the company announced in a release.
Guy Carpenter launched its ECF pilot as part of the London Market Principles (LMP) market reforms program. LMP outlines a broad program for improving claims processes, facilitating faster decision-making and providing improved claims service to clients.
“ECF radically improves the current, antiquated 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, resulting in service delays and the inability for all parties to easily and efficiently access claim information,” Guy Carpenter says.
According to Charles Higham, the managing director and CAO of Guy Carpenter, “as society becomes increasingly reliant on technology and the Internet, global companies must develop solutions that support this faster, more streamlined way of doing business.”
Frank Hudson, the senior vice president of Guy Carpenter, described the pilot phase of the ECF as “a tremendous success,” adding the ECF “has proven that for certain classes of business, the adjustment and agreement of claims can be greatly improved by the removal of the paper file.”