FINEOS Corporation, a market leading provider of claims management software, announced today that it has been chosen by Crawford and Company as their technology platform provider for the new Volume Claims Service (VCS) to the Lloyd’s Market.
VCS is being introduced by Lloyd’s as part of its Claims Transformation Programme to provide a market wide, cost effective and outsourced service for handling low value, high volume claims across all classes of business. The service is designed to settle VCS claims as quickly as possible without sacrificing technical or reserving accuracy and to provide a consistently high standard of service that enhances the experience of the customer. VCS launched in early February 2014 and it is estimated that approximately 75,000 claims per year are currently in scope.
FINEOS Claims for the London Market is the leading claims solution for subscription based insurance organisations. It offers a full feature “out-of-the-box” claims system which is delivered with London Market specific business content, extensive documentation, and integration with third party applications. The solution has seen significant take up recently and now boasts four London Market claims customers. FINEOS Claims supports ECF2 file processing as well as Syndicate Claims Message (SCM) processing, if required.
Michael Kelly, CEO, FINEOS welcomed the initiative. “We are delighted to have been chosen by Crawford and Company as their technology partner for this ground-breaking service for the Lloyd’s Market. The new VCS offers Managing Agencies an enhanced and streamlined claims management service across multiple lines of business, enabling them to focus on providing the best possible outcome for all concerned”.
FINEOS counts six of the top 20 Group Life & Health carriers in the world as customers as well as many leading insurers and accident compensation organisations. FINEOS Claims for the London Market is a specially designed version of the FINEOS Claims product. It supports and improves claims processing within London Market subscription operations of all sizes including Lloyd’s syndicates and IUA members, as well as all non-subscription operations via other channels.