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LLOYD'S TO GET TOUGH ON CLAIMS
Friday 19 November 2010
Author: Russell Group
 

The Lloyd’s market has put claims at the top of the agenda for 2011 but it will see the corporation seeking a far higher level of corporate governance.

Under its plans the market is to drive adherence to its published set of market standards for the handling of claims in the market believing that technology is key to the ability of syndicates and managing agents delivering higher levels of claims services to policyholders.

But with the market attracting a huge level of interest from external claims experts and systems providers Lloyd’s is set to draw up an approved third party partner list from which the market will be able to access outsourced services and expertise.

However the news has been greeted without any real enthusiasm by some in the market believing they require the freedom to choose their own third party partners which fit their claims strategies and more importantly their budgets.

The plans were revealed at the monthly market update meeting of the London Market Group's and Lloyd’s is to launch a new scheme aimed at attracting talent into the claims sector.

The five year scheme will see 50 people put through a 12 month training scheme which will involve specific training and placements with brokers, underwriters, law firms and loss adjusters and culminate in chartered insurance and other specialist claims exams.

However the scheme is not only for graduates but will also be open to staff who have been in the market for up to three years and are seeking to specialise in the claims sector.

While there are 50 paces open for the scheme Lloyd’s has revealed that it has already had 100 applications from under graduates from Warwick and Durham universities.