Xchanging plc, the business process, procurement and technology services provider, launched its Volume Claims Service (VCS) offering.
The concept of dedicated services for low value, high volume claims was introduced by the Lloyd’s market in 2012, with the objective of developing a framework for a cost effective, high performing, shared market service. Analysis of the claims data confirms that non-complex claims make up approximately 85 percent of the volume in the market, yet represent just 15 percent of claims by value.
Xchanging’s VCS offering, powered by the fully-integrated, global Xuber Claimsplatform, leverages the long standing heritage and experience of Xchanging Claims Services (XCS) in the London market. The service promises to deliver a 60 percent improvement in the processing times of ‘in scope’ claims and has the added advantage of being managed by the largest pool of claims professionals anywhere in the London insurance market.
Xchanging’s VCS solution is available, subject to contract, to Lloyd’s Managing Agents from beginning January 1, 2014.
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