Advent Claims, a division of Advent Insurance Management with claims operations in the US, UK, Canada and Australia, has launched a proprietary web-based claims management system for managing general agents (MGAs) and coverholders, called “Advantage.”
Designed to capture all information required for current and future regulatory reporting, Advantage alleviates the increasing pressures on insurers’ delegated authority relationships, primarily caused by changes in regulation, which prompts some coverholders to turn to capacity in local markets, said Advent Claims in a statement.
Lloyd’s syndicates and insurers must provide extensive additional data to comply with the UK Financial Conduct Authority’s Conduct and Treating Customers Fairly rules, Solvency II, Pillar 3 and, from July 1, 2017, Version 5 of Lloyd’s Coverholder Reporting Standards.
In turn, all MGAs and coverholders “with claims authority must provide much more data to demonstrate compliance, which can involve costly system changes and divert management attention away from core business matters,” said Advent Claims.
Advantage is configured specifically to meet these regulatory requirements and manages the entire claims process from first notification of loss to final settlement, the company continued.
The web-based straight-through processing system is proven to improve service, reduce cycle times and create significant operational efficiencies. It automatically generates monthly bordereaux, eliminating the need for binder reconciliation, and provides all information required for regulatory reporting, Advent Claims said.
“By removing costly steps from the data entry and exchange process, Advantage quickly becomes self-financing for managing agents,” the company added.
Paul Bermingham, director, Advent Claims said: “Coverholders are struggling to comply with regulatory demands. Some are seeking additional commissions or moving to local markets, while some insurers have drastically cut their TPA panels. Advantage is a powerful and timely development, which will enable the delegated authority market to comply with these and other regulations while becoming much more efficient. It allows business relationships to thrive and transforms the profit potential of the delegated authority model.”
Source: Advent Claims
Topics Legislation Claims Insurance Wholesale
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