click here for info TIW Group are committed to grow and evolve with the ECF (Electronic Claims Files) mandated standard in the London Market. The standard enables the capability to automate the claims process speeding turnaround times, creating more certainty in the process and increasing cash flows.
their website The Insurance Workplace (TIW) offering is fully ECF compliant.
What is ECF?
tiova rotacaps price in india The Electronic Claims File is the combination of the Insurers’ Market Repository (IMR) and the Claims Loss Advice and Settlement System (CLASS). The LMA commissioned Xchanging to provide an integrated service to Lloyd’s Managing Agents though remaining as two separate systems for Brokers and Companies.
This combination enables claim file documents to be submitted electronically and shared by subscribing underwriters, whilst CLASS provides users with access to financial data and claims processing and basic workflow functionality.
ECF allows brokers to supply an entire claims file to all insurers “on risk”, electronically, at the same time. All insurers will therefore have concurrent, contemporaneous access to the claims file – eliminating the need for the broker to serially present the claims file to different insurers individually.
The major benefit of this is that it will greatly reduce the length of the overall claims lifecycle, from first advice to settlement; providing assureds with a greatly improved service.
The current claims process in the London market is paper intensive with documents being shipped from brokers regional offices to London offices and then taken by hand around the London market for review and agreement by underwriters.
The process is supported in some areas by some technology, notably CLASS in the IUA market and the use of different EDI messages to carriers in the Lloyd’s and IUA markets. This process is however inefficient and time consuming resulting in delays in service to clients, unnecessary cost to brokers and carriers and the lack of readily available claim information to all parties.
There have been several initiatives aimed at addressing these issues but for the first time a London market wide approach was taken in 2000 under the London Market Principles work. This work sets out a vision of improving claims processes to:
- provide a superior claims service to the ultimate client
- offer a rapid decision making process comparable to and ideally exceeding that of any other insurance market
- Support market claims standards
The foundation for achieving these objectives is the provision of concurrent access to claim information through ECF and the London market wide adoption of CLASS.
Electronic Claim Files are a key enabler of claims reforms. Secure, reliable and robust technology will allow all participants to intercommunicate and view files concurrently.
The speeding up of the delivery of claim information together with the elimination of serial presentations and the ability of different agreement parties to make decisions in parallel will lead to a more transparent and quicker process, improving service to clients.
In addition, claim files will always be available to carriers for their own review, record keeping and as an aid to improving management of their outward reinsurance recoveries.