Lloyd’s will be testing whether delegated authority business can facilitate claims in minutes.
“We continue to make steady progress in the ‘recovering from loss’ journey for delegated authority business, with the launch of our faster claims payment pilot,” announced the insurance marketplace.
“Over the next three months, nine market participants will work with us to address a consistent pain point – speed of payment. The pilot is designed to test the ability to pay claims within minutes, rather than days.”
According to Lloyd’s, it will gather “critical learnings and feedback” not only from the pilot group but also from other market participants. The nine making up the pilot group were not identified.
Lloyd’s said the goal is to understand what the new way of working will mean for the market so that the right level of support is provided as a scalable solution is delivered.