Lloyd’s wants paperless claims by end of 2007

Lloyd’s is calling for a paperless claims process in the Lloyd’s insurance market by the end of next year.
“Our goal is for all claims going through the [Lloyd’s insurance] market to be processed electronically by the end of 2007,” Lloyd’s CEO Richard Ward said in a recent speech to the Xchanging conference in Brighton, U.K.
“Although [electronic claims processing is] currently optional, increasing commercial pressure from trading partners will make it less so as time goes on,” Ward said. “In an increasingly competitive, increasingly electronic world, it is important that this is taken up.
“Lloyd’s will not hesitate to mandate an electronic claims process if necessary.”
Ward noted in his speech that an Electronic Claims Repository has been established, meaning that brokers can send claims files to a number of underwriters simultaneously without having to carry paper files around the underwriting room. “This project, which has been led by the Lloyd’s Market Association, enables claims to be handled faster and more efficiently,” he said.
Five brokers and 18 managing agents in the Lloyd’s Market are already committed to processing all new claims electronically by the end of the year. Some 400 transactions each day are already going through the electronic system.
“This will help to significantly reduce the four tons of paper that travel between London and the processing centre in Chatham every day,” Ward said.