Updated: Mar 11, 2021
Advent Claims* today announces considerable enhancements to its proprietary web-based claims management system Advantage to help beat the significant challenges associated with Lloyd’s Coverholder and Solvency II, Pillar 3 reporting.
Available to insurers, Lloyd’s managing agents, coverholders and brokers, Advantage offers huge efficiency savings over manual processing being undertaken by many in the market. It also dramatically reduces error rates and vastly improves the accuracy of information that companies are obliged to report to regulators.
The advanced capabilities of Advantage also allow it to capture, validate and report all information required to satisfy Version 5 of Lloyd’s Coverholder Reporting Standards, well in advance of 1 July 2017 when the new standards come into effect. Since its launch in January 2016, Advantage has proven its ability to meet a host of regulatory reporting requirements, including the FCA’s Conduct and Treating Customers Fairly rules and Solvency II.
Paul Bermingham, director, Advent Claims said: “Solvency II has been in the making for well over a decade, yet now it’s finally here the reporting requirements are posing a significant challenge. Many managing agents are struggling to obtain the required information from coverholders and TPAs, while simultaneously assigning teams of people to get the required information out of their own businesses. This detailed mass-data extraction challenge strongly lends itself to a bespoke technological solution. Advantage has been tailored to meet that challenge. By reducing the administrative burden, this can de-risk many binders and stem the flow of coverholders defecting to local markets, allowing existing business partnerships to thrive.”
* Advent Claims is a division of Advent Insurance Management with claims consulting and TPA operations in the UK, US, Canada and Australia