Guy Carpenter & Company, Inc., the global risk and reinsurance specialist of the Marsh & McLennan Companies, announced that it is formally launching its Electronic Claims File (ECF) initiative for reinsurers in the London market “after development, testing and implementation of a pilot project with select Lloyd’s managing agents.” The broker will “be able to process and conduct the many of its claims transactions in a completely paperless environment with its current trading partners, significantly enhancing client service,” the bulletin noted.
It also explained that the initiative is part of the broader London Market reform program, “Guy Carpenter launched its ECF pilot as part of the London Market Principles (LMP) market reforms program which outlined a broad program for improving claims processes, facilitating faster decision-making and providing improved claims service to clients,” said the announcement.
Guy Carpenter’s bulletin rather accurately describes the London Market’s current claims handling process as “antiquated.” It involves reinsurance brokers shipping paper documents from regional offices to London and then distributing them by hand for review and agreement by the underwriters, “resulting in service delays and the inability for all parties to easily and efficiently access claim information.”
“As society becomes increasingly reliant on technology and the Internet, global companies must develop solutions that support this faster, more streamlined way of doing business,” noted Charles Higham, Guy Carpenter’s Managing Director and Chief Administration Officer. “Guy Carpenter is pleased to be at the forefront of these initiatives by helping our clients conduct business more efficiently in today’s changing environment.”
“The pilot phase of the ECF project has been a tremendous success and has proven that for certain classes of business, the adjustment and agreement of claims can be greatly improved by the removal of the paper file,” commented Sr. VP Frank Hudson. “ECF significantly enhances the delivery of information, allows all participants to communicate and view files concurrently, and provides greater transparency and speed. As one of the first brokers to formally launch ECF, we will seek ways to continue widening the opportunities for our clients to benefit from this groundbreaking technological initiative,” he added.
Was this article valuable?
Here are more articles you may enjoy.