Business Process Outsourcing company Xchanging announced the launch of the second phase of its ECR Service to review non-moving claims files for the Lloyd’s market for years of account 1993 onwards.
A regular review of claim files will fulfill “an important business requirement to ensure the validity of outstanding claim liabilities.” By most estimates there around £1 billion ($1.62 billion) of reserves held across the Lloyd’s market against liabilities on non-moving files. The new ECR Service will “centrally review all of these non-moving files with a view to validating the reserve or where appropriate closing the files.”
Clive Buesnel, managing director of Xchanging Claims Services, stated “The ECR Service has been designed in close consultation with market practitioners in response to overwhelming demand for a centralised approach to this market issue. There is an immediate opportunity to reduce the number of non-moving claim files on the Lloyd’s market as well as the potential to provide expert validation of the outstanding reserves to support audit and regulatory requirements. We are pleased to report we have exceeded our target of reaching 80% sign-up by the Market to the ECR Service.”
Steve Quiddington, Managing Director Operations of Lloyd’s, commented that, “The launch of the full ECR Service further demonstrates the determination of the Lloyd’s Market to improve continuously the service it provides to customers and an innovative approach in tackling such market issues”
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