Business Process Outsourcing company Xchanging has launched the second phase of its ECR Service to review non-moving claims files for the Lloyd’s market for years of account 1993 onwards.
It is estimated that around (pounds)1billion of reserves are held across the Lloyd’s market against liabilities on non-moving files. Xchanging Claims Services has launched the ECR Service to centrally review all of these non-moving files with a view to validating the reserve or where appropriate closing the files.
Clive Buesnel, managing director of Xchanging Claims Services, noted, “The ECR Service has been designed in close consultation with market practioners in response to overwhelming demand for a centralised approach to this market issue. There is an immediate opportunity to reduce the number of non-moving claim files on the Lloyd’s market as well as the potential to provide expert validation of the outstanding reserves to support audit and regulatory requirements. We are pleased to report we have exceeded our target of reaching 80 percent sign-up by the Market to the ECR Service.”
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