Delegated authority specialist and Lloyd’s broker Endeavour Insurance Services has added new functionality, including Lineage compatibility, to its Advantage claims platform, further improving claims handling for Canadian coverholders and third party authorities (TPA).
Developed in partnership with Advent Claims and offered free of charge to all Endeavour clients, Advantage is a single data entry platform to allow coverholder and TPA claims to be processed directly into London’s central systems, removing costly duplication and delays.
Providing automatic claims validation against the correct section, binder and year of account, Advantage is compliant with all Lloyd’s and London market reporting requirements, including Lloyd’s Version 5 Bordereaux and Solvency II.
Canadian coverholders can now benefit from Advantage’s ability to import premium data reports, as the system recognizes whether premium or policy data is already available, and allows coverholders to draw in key information (from the premium data listed) into the claim, Endeavour said in a statement.
This functionality also includes a staging area to review and check before data is committed to the system, while any issues or errors with data are reported, the company said, noting that the coverholder structure can now cater for parent and subsidiary relationships within the platform. At the same time, users can create summaries of performances, and set bespoke reminders.
Endeavour introduced the Advantage platform for its clients in the fourth quarter of 2017, and 25 percent are now live with a further 11 percent testing the system prior to going live. A further 28 percent have been provided with demonstrations of the system and are in discussions regarding the next required stage.
Endeavour also is discussing an interface of the Advantage platform with various Canadian TPA internal systems.
Carrier Feedback
Richard Foulger, Head of Claims at AEGIS London, the Lloyd’s underwriter that leads a number of the Endeavour contracts using Advantage, said, “We always welcome initiatives that improve claims handling for Coverholders, especially those who are keen to send more business to the London Market.
“Endeavour’s offering of the Advantage system to its clients is a clear example of the kind of proactive approach needed to speed things up, cut down paper and duplicative processes and reduce some of the administrative demands on Coverholders.”
Streamlining Claims
“Thanks to a string of updates to the powerful Advantage platform, the Lloyd’s claims handling process is being further streamlined for Canadian Coverholders and TPAs,” said Endeavour Support Services Director Sarah Newman.
“Too many companies talk about modernizing London market processes without taking action themselves,” she added. “We are committed to improving and increasing the flow of business into the Lloyd’s market – the success of which is built on its reputation for paying all valid claims.”
About Endeavour Insurance Services
Founded in March 1999, Endeavour Insurance Services specializes in the placement of business produced by North American and European agents handled under delegated authorities. Now employing 44 people in its London office, Endeavour has four divisions supporting business from the U.S.; Canada, Europe and the rest of the world; facultative reinsurance; and cyber.
Source: Endeavour Insurance Services
Topics Claims Excess Surplus London Canada Lloyd's
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