Advent Insurance Management, the InsurTech-led Lloyd’s and London Market service provider, has launched Gemini, a claims expert management hub for Lloyd’s carriers in partnership with the Lloyd’s Market Association (LMA).
The initiative is designed to tackle escalating claims costs for managing agents at Lloyd’s. At its core is Advent’s custom-built platform, employing the flexible and cost-effective MATS platform from MatsSoft Ltd. By providing carriers with access to a global database of frequently-used claims experts, such as lawyers and adjusters, it will allow them to select service providers based on historic performance and overall effectiveness in handling individual claims at an agency and market aggregate level.
The ability to record, track and control budget and spend in relation to claims experts
Enables carriers to understand their true spend on claims experts, manage relationships and monitor performance
Functionality to set service level agreements
Delivery of central and standardised terms of engagement and rate cards
Paul Bermingham, director, Advent Insurance Management said: “Gemini is Live! Advent is delighted to have been chosen as the LMA partner to develop, run and maintain this important platform for carriers and their experts. It was a great opportunity to bring new technology and thinking into the market and engage with representatives from managing agents, the LMA and experts. From initial engagement with the market in February this year, we have together managed to design, build, test and implement the solution in nine months. Quite an achievement! We have built a platform that will not only meet the immediate needs for registration and fee analysis, but can also extend and adapt to simplify, develop and enhance the day-to-day engagement, management and oversight of experts.”
Phase II is already being prepared for launch in Q1 2019 and will feature a structured messaging and data capture function. This will further future-proof the technology and service as part of an ongoing commitment to Gemini’s delivery and development as an integral part of future claims models.