International Underwriting Association members will test a new electronic claims system aimed a speeding up primary and secondary insurance claims.
The Electronic Claims File allows companies to access all claims-related data through a unified process by connecting to a central repository, IUA said in a press release.
“It will enable the market to provide a more efficient service by eliminating the need for brokers to provide claims information to a number of different underwriters individually,” said an IUA spokesman.
IUA member companies will use the system to improve the overall management of the claims process. A similar electronic claims initiative is also underway in the Lloyd's market.
Stephen Riley, chairman of IUA's Electronic Claims File Implementation Group, said the effort is a key part of the London Market's overall reform program.
“With a number of IUA companies also operating within the Lloyd's market, and with senior claims managers having responsibility for claims arising in both markets, a single electronic platform is clearly increasingly desirable,” he said.
A test scheme involving IUA companies is due to begin in 2006 using the repository developed by Xchanging, the market's back office service provider. It will last for a three-month period with each company operating two licenses to access the central repository.
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