Claims Paid 40 Percent Faster During Lloyd’s Pilot Program

Claims transaction times at Lloyd’s have been cut by 40 percent from 25 to 15 days, during the pilot phase of the Claims Transformation Programme (CTP).

Since January 2010, the pilot phase has processed more than 7,500 marine hull, property D&F and casualty treaty business claims.

The objective is deliver more transparent, efficient and effective claims processes.

Approximately three quarters of the claims within Lloyd’s market are under £100,000 which has seen the greatest increase in speed during the pilot.

Source: Lloyd’s