Guy Carpenter, the global risk and reinsurance specialist of the Marsh & McLennan Companies, and Amlin, a leading Lloyd’s insurer, announced that they have successfully implemented their Electronic Claims File (ECF) initiatives in the London Market. The bulletin described the system as the “Market’s first fully paperless claim settlement.”
ECF is a “key component of the broader London Market reform process,” the bulletin continued. It will “now be able to process and conduct all new claims transactions in a completely paperless environment, significantly enhancing client service.”
Guy Carpenter announced the introduction of the ECF system earlier this year (See IJ Website May 3). The aim is to radically improve “the current London claims process, which requires reinsurance brokers to ship paper documents from regional offices to London and then distribute them by hand for review and agreement by underwriters, resulting in service delays and the inability for all parties to easily and efficiently access claim information.”
“Innovations in technology have made it possible to conduct almost any type of business transaction more effectively, more consistently and above all more efficiently than more traditional means. Guy Carpenter is proud to be at the leading edge of these initiatives and will continue to assist the London Market to maximize these developments within the Reform Program. Our trading relationships and the natural progression to a paperless environment represents a major milestone for London, Guy Carpenter and client servicing,” explained Geoff Bromley, Guy Carpenter’s Chairman of European and Asian operations.
David Turner, Amlin’s Claims Manager, commented: “Amlin is committed to leading in all aspects of process change, from pre-placement to claims settlement, working with our brokers to provide better quality service to our clients. As the global insurance market becomes more transparent, we anticipate that differential service standards will prove a key factor in the selection of both broker and risk carrier.”
“While we have been trading electronically with Amlin since 2004, we have had to continue producing a paper file concurrently with transacting business electronically in all our trading relationships. Until now, clients and markets have not been able to reap the full benefits of ECF,” indicated Frank Hudson, Senior Vice President, Guy Carpenter.
“We are pleased that we now have the ability to completely remove paper from the claims process. For the first time, there is immediacy in the claims adjustment process, giving our clients primary access to their reinsurers and allowing Guy Carpenter further opportunities to provide a superior claims service,” he added.
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