18 November 2013
New Central Database to transform management of Lloyd’s Third Party Claims Administrators
The management of third party claims administrators in Lloyd’s will be transformed by the launch of a new TPA Central Database. Charles Taylor Insurance Services (CTIS) has been appointed to develop and manage the new database by the Lloyd’s Market Association Binding Authority Claims Group (BACG) following a competitive tender.
The new TPA Central Database will reduce multiple information requests from Managing Agents, enhance governance and increase the efficiency of the claims settlement process. It will also enable TPAs appointed by Lloyd’s Managing Agents to benefit from reduced duplication of work and streamlined audits. The new database will go live in 2014, with access available to all Managing Agents, TPAs and Lloyd’s.
Stephen Card, Chief Executive, Charles Taylor Insurance Services said: “There are over 700 TPAs supporting Managing Agents with claims settlement, but until now there has been no central database to gather and automate TPA information. We are delighted to have been appointed to develop and manage the new TPA Central Database which will be a valuable shared service for the market. We believe our strong working relationships with Managing Agents, Lloyd’s and the LMA coupled with our proven ability to deliver effective market-facing solutions was instrumental in our appointment.”
Robert Gregg, Manager, Claims, Lloyd’s Market Association, said: “The BACG Working Group wanted to establish a central database to store TPA generic information and documents. We were particularly impressed with CTIS’s approach to the implementation and introduction of the service, their pricing structure and database solution. We are confident that CTIS’s new TPA Central Database will greatly increase efficiency, reduce multiple requests to TPAs from the market for information and to improve due diligence and the audit processes.
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Notes to Editors
Lloyd’s Market Association (LMA)
For further information please contact:
Robert Gregg, Manager, Claims
Lloyd’s Market Association
T 0207 327 8404
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd’s Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £24 billion per annum.
About Charles Taylor Insurance Services
For further information, please contact:
Stephen Card, Chief Executive
+44 (0)20 7767 2943
Charles Taylor Insurance Services
Mike Lord, Group Communications Director
+44 (0)7831 401 311
Charles Taylor plc
Charles Taylor Insurance Services (CTIS) is an independent provider of outsourced managed claims services, broking and underwriting services, financial accounting services, and MGA services to the Lloyd’s, London and global insurance markets. It is a subsidiary of Charles Taylor plc (www.ctplc.com).
Charles Taylor plc, headquartered in London is a leading international provider of professional services to clients in the global insurance market. The Group been providing professional services to insurance clients since 1885 and today has around 1,000 staff in 50 offices spread across 25 countries in the UK, the Americas, Asia Pacific, Europe and the Middle East.
The Group offers services across the whole insurance market, principally on a fee-based model and operates through three professional services businesses – Management, Adjusting and Insurance Support Services. Charles Taylor also owns insurers in run-off. Charles Taylor’s vision is to become the professional services provider of choice to the global insurance market.
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