Advent Claims will provide its claims management system to Lloyd’s broker, Endeavour Insurance Services, as part of a new partnership arrangement meant to support London market coverholders operating in Canada.
Advent Claims is a technology-led claims third-party administrator; Endeavour Insurance is the specialist binding authority broker placing contracts on behalf of international coverholders and managing general agents, Advent Claims notes in a statement Thursday.
With Endeavour Insurance coverholders operating in Canada facing challenges like competition, regulation and inefficiency, the claims management system seeks to transform “the way information is captured and shared between delegated authority coverholders, brokers and their markets,” Advent Claims reports.
“The system is designed to restore London’s competitive advantage in international markets,” suggests Paul Bermingham, director of Advent Claims.
Things are made more efficient by capturing all information required by regulators and insurers and employing straight-through processing. By doing the latter, “the system will free Endeavour coverholders from onerous, archaic bordereaux column-filling,” the company statement adds.
In addition, Advent Claims reports it “eliminates errors and delivers the data carriers need for regulatory reporting – without transferring the burden to producers. It saves time and costs for all parties in the insurance chain and speeds claims payment times.
By saving time on administration and validation tasks, brokers will have greater opportunity to “focus on adding value to both its clients as well as insurance markets,” the statement adds.
“The current arrangement is like driving down a road filled with debris. Advantage removes that debris and radically improves the claims process, which is, ultimately, what is of greatest importance to our clients,” comments Sarah Newman, support services director at Endeavour Insurance.
The system “is a model employing redefined business processes supported by innovative technology that can propel the London market out of the doldrums. We look forward to delivering these benefits to Endeavour and its Canadian coverholders,” Bermingham adds.