Guy Carpenter has announced its intention to mandate the use of Electronic Claims File at Lloyd's
Guy Carpenter has announced its intention to mandate the use of Electronic Claims File (ECF) for in-scope claims for all Lloyd’s markets from 1 January 2008. This decision follows the implementation of Guy Carpenter's ECF initiatives and underscores the firm’s commitment to further market reform.
“ECF significantly improves the current London market claims process by removing paper and thus the need for physically moving claim files around the market,” said Geoff Bromley, Guy Carpenter’s chairman of European and Asian operations. “Ultimately, it fosters a more efficient claims adjustment and payment process for our clients."
Bromley added, "We view ECF as a key building block in ensuring that London remains an attractive market."
In accordance with today’s announcement, Lloyd’s markets underwriting Guy Carpenter business must agree to the use of CLASS@Lloyds and the Insurance Market Repository to handle all in-scope claims for 2008 risks.
Guy Carpenter’s 2008 contracts will also be amended to incorporate this new provision.
Managing Agencies that have not signed the Repository Rules and Repository Agreement with Xchanging, and are therefore unable to trade electronically, will not be offered lead lines on Guy Carpenter’s 2008 business, subject as always to the firm’s duty to act in its clients’ best interests.