The Lloyd’s Market Association (LMA), which previously estimated claims expert spend in the market to be around £500 million a year, has launched a management tool for carriers.
“This platform enables a greater understanding of expert spend and will allow Lloyd’s carriers to make informed decisions around that spend,” noted Tim Bowling, senior executive at the LMA.
Called Gemini, the solution was developed by the trade body in partnership with Advent Insurance Management Limited and is driven by claims professionals from the Lloyd’s market.
“The development of a searchable database of regularly used experts, supported by the onboarding process and performance oversight, will allow carriers to manage effectively the delivery of claims services for the benefit of carriers and policyholders alike,” added Bowling.
The LMA said more than 500 experts have been pre-registered for access to the platform.
