Lloyd’s Launches Volume Claims Service

Lloyd’s launched a new shared service, Volume Claims Service (VCS), part of its overarching Claims Transformation Programme. VCS is a fast and fair claims handling service which offers the market an enhanced cost efficient claims experience for handling non-complex claims.

VCS is designed to handle high volume, low value claims which make up around 85 percent of total claims in the Lloyd’s market. The service is provided by two competing third party service providers; Xchanging and Crawford & Company, both of whom will operate under upper quartile service level agreements.

Ten managing agents supported the VCS project team in the development of the operational and commercial terms of the service. If acceptable commercial terms can be reached, the managing agents may adopt the service for certain classes of business.

Source: Lloyd’s of London