Electronic system to aid Lloyd's claims process

LONDON—An electronic claims file repository has been launched to allow brokers and underwriters in the London insurance market to process claims electronically.

All managing agencies at Lloyd's of London and Lloyd's-accredited brokers may now use the electronic claims files repository, which uses an "electronic filing cabinet" and a claims agreement and settlement system to enable managing agents to agree claims and sore claims-related documents.

The project has been led and funded by the Lloyd's Market Association, which represents underwriters at Lloyd's.

The technology was tested by 12 managing agents and five brokers over the past four months, and is now available for use by the whole of the Lloyd's market.

Members of the International Underwriting Association, which represents London insurance company market underwriters, are now undertaking a pilot of the system. They have been using a claims agreement and settlement system for some while, according to a statement.