Lloyd’s of London on Monday launched a shared service to handle high-volume, low-value claims.
The Volume Claims Service, part of a wider claims transformation program taking place in the Lloyd’s market, is aimed at helping market participants achieve cost efficiencies in handling noncomplex claims.
High-volume, low-value claims make up about 85% of all claims received by the Lloyd’s market, it said in a statement.
The VCS is provided by claims manager Crawford & Co. and business processing firm Xchanging P.L.C.
“VCS enables managing agents to outsource the resolution of noncomplex claims to two service providers offering competing levels of service and price,” David Lang, head of claims at Lloyd’s, said in the statement.