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Lloyds Volume Claim Service Launched

03 February 2014

Lloyd's have today launched the long-awaited initiative aimed at speeding up average claims settlement times by fast-tracking small, uncontentious claims through a single processing system. In the pipeline for two-and-a-half years, the Volume Claims Service (VCS) became operational on Monday after final contractual issues were ironed out last week.

The service is offered by two providers - outsourcing firm Xchanging and loss adjuster Crawford - which will compete with each other on price. About 85 percent of the volume of claims Lloyd's receives every year falls into the small, uncontentious category, accounting for just 15 percent of the total sum it pays out. By dealing with these claims more efficiently, Lloyd's also hopes to free up resources to tackle larger, more complex claims.

The service, initially available only to Lloyd's insurers, will be optional. Senior executives say the success of the venture depends on the level of take-up it receives, as significant cost savings and quality improvements will only be achievable if it attracts a critical mass of users.

Two of DOCOsoft’s customers, Ark and Talbot, are amongst the market early adopters for the scheme and DOCOsoft have adapted their claims system to accommodate VCS allowing the manual and automatic allocation of claims and full MI reporting.

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