What is FCP?
FCP is a solution designed to provide fast and direct payment of a claim to a policyholder and avoid the administrative burden of loss funds. The solution facilitates direct access to insurer funds via the Vitesse payment platform, decreasing any delay in payment.
FCP was launched in September 2022, and since then all eligible managing agents have signed up to the service.
Benefits
Better visibility
Provides real-time visibility and control over claims payments.
Reduction in third party costs
Reduces costs to delegated claims administrators.
A modern platform
Improves fund availability and top up mechanism using a modern payment platform.
Enables streamlining
Removes cash call requests made to insurers, reducing friction and operational challenge.
Improved and efficient processes
Reduces effort to set up loss funds and participation in cash call processes for brokers.
Progress update
15 January 2025
Download our latest progress update below. It covers key information on market participants' adoption journeys, latest information on the binders in scope and the volumes being processed via FCP, as well as links to further resources to support market adoption. It also highlights some of the key benefits of FCP and includes some of the feedback we’ve received from the market about the solution.
