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Pain points

Paying claims in the open market

Claim tasks must be completed sequentially 

Tasks

Notification of loss, policy matching and verification 

  • Customer making a claim on a laptop
    Customer makes a claim
    Pain point not applicable to this step
  • A man holding a document while sat a desk with a computer
    Broker submits the claim with supporting documents

    Where a claim crosses both the Lloyd’s and company market, the broker must notify each insurer separately, which is time consuming 

  • A man on a computer with a claim and policy document above
    Claim is matched against the relevant policy
    Pain point not applicable to this step
  • A woman checking things on a computer
    Policy and premium verification checks are performed
    Pain point not applicable to this step

Triaging, routing and assignment 

  • A man receiving a notification on an iPad
    Lead underwriter and claim agreement party(ies) are notified of the claim (if required)

    Lead underwriter must be notified first, and then must action every transaction (even when it isn’t required) before the claim agreement party is notified 

  • Two people on computers with a checklist above them
    Lead underwriter and claim agreement party(ies) are assigned claims tasks

    The inability to perform simple and complex tasks simultaneously increases the claim cycle time 

Agreement 

  • A man on the phone at a desk
    Query management and requests for additional information is undertaken (if required)
    Pain point not applicable to this step
  • Two people shaking hands at a desk
    Lead underwriter and broker negotiate, and agree or deny the claim
    Pain point not applicable to this step

Digital processing

Settlement and claims payment 

  • A woman doing technical checks on three computers
    Technical processing checks conducted to review and finalise the claim
    Pain point not applicable to this step
  • Funds being sent from one person to a computer to another person
    Funds or fees are moved
    Pain point not applicable to this step

Pain points 

View the pain points the new digital solutions are addressing for paying claims in the open market. 

Manual intervention, re-keying, and lack of automation

Lack of visibility, transparency, and collaboration

Unstructured and inconsistent data

Delays in claims processing, payments, and movements of money to customers

Solutions 

We’re delivering several solutions which are transforming how we’re paying claims in the open market. Learn more about these solutions, including our progress, benefits and where to find out more.   

ACORD Data Standards

ACORD Technical Data Standards will be used to populate the Core Data Record (CDR) and other key data. 

Core Data Record (CDR)

A set of standardised, quality transactional data, that powers downstream processing. 

Digital Processing Platform for claims (ICOS)

A digital claims processing service which can automate processes. 

Related steps

Journey overview

A high-level overview of the journey including associated pain points and solutions.  

Detailed steps

A detailed view of the journey, showcasing the technology that’s involved in each step. 
Previous Unstructured and inconsistent data
Next Delays in claims processing, payments, and movements of money to customers
Get adoption ready

Blueprint Two will be delivered in two phases. At phase one cutover, all market firms must adopt the new digital services.