The expert-payment, data, and oversight challenge:
For decades, third-party expert management and performance oversight has been fraught with difficulties, mainly due to a lack of visibility and high associated costs for Lloyd’s managing agents and company carriers.
The following case study documents how Gemini, now available to all Lloyd’s managing agents and company market carriers, was not only highly successful for one early-adopting Lloyd’s managing agent in addressing these issues but, it has calculated, will save it in excess of £100,000 a year in fee processing costs.
The LMA /Advent Solution: Gemini
In November 2018, the Gemini Claims Expert Management Solution was launched, funded by the Lloyd’s Market Association and provided by Advent Insurance Management. It sought to address the market’s lack of data on expert spend and enable effective expert management and controls to be in place, including on-boarding, ongoing oversight of claims experts and performance monitoring.
Gemini Phase II was designed to deliver additional functionality to support the payments of expert fees, using an automated settlement facility, while capturing structured data on spend.
As part of the development of Gemini Phase II in 2020, the managing agent took part in a pilot to adopt the enhanced processes, while the application programming interface (API) integration was being finalised. As a data-first and technology-enabled solution and service, Gemini was found to be radically different, offering the Lloyd’s managing agent an efficient and effective service.
From the outset of the pilot, the managing agent experienced a dramatic difference very quickly. The automated settlement facility generated accurate and high-quality data, which greatly improved transparency and provided a clear view across all scheduled and completed payments. Management Information was readily available and the data was consistently reliable. Speed-of-payment times also significantly improved, which in turn cut the time previously spent following up on payments.
Various pressures around the business also reduced, freeing up time, which allowed staff to focus on more important and valuable work. The number of calls and emails from experts about payments also reduced and were replaced with notes of congratulation and thanks for the improvements they were experiencing. Overall, Gemini has greatly benefitted the managing agent's relationships with its expert partners.
The Power of Gemini
The Gemini platform removes the burden of managing claims experts by completely eliminating issues such as lack of visibility and control. It transforms what was once an expensive source of delay and frustration into a cost-effective, self-contained 21st-century service that provides valuable management information and intelligence.
“Gemini successfully manages to significantly accelerate the fee payment process while also reducing costs. Through data that gives us greater visibility and control of our experts’ costs and performance, the platform enables us to manage claims experts far more effectively. It is precisely the transformative digital initiative carriers need to transact more efficiently and in a frictionless way with our valued partners.”
- Head of claims, leading Lloyd’s global specialty re /insurer
“Gemini solves a 30-year-old problem in relation to expert management and performance oversight while providing insight into claim expense and leakage at both a carrier and market level. Adoption is now available for all London Market carriers, using their own claims management systems via the Gemini low-code platform (API and non-API integration). This not only allows carriers to start building up data on expert spend to make informed decisions on expert use and deployment, but also enables a more cost-effective and better invoice submission process than exists today. Over 700 experts are recorded in Gemini, and over 30 Managing Agents have adopted Gemini to date following its launch. Gemini will continue to evolve to meets the market’s needs with regard to expert management, and remains pivotal in the evolution of expert management in the Future @ Lloyd’s.”
- Tim Bowling - senior executive, claims, Lloyd’s Market Association
“Following a rigorous build and test process with the market and LIMOSS, Gemini has quickly established itself, proving its ability to deliver tangible data and cost-saving benefits. For Lloyd’s alone, there are circa. 118,000 payments made to experts annually, which if made via Gemini could save the market up to £4m a year. Put another way, compared with existing processes, managing agents could save 70% of the annual cost of paying experts, while also benefiting from greatly enhanced oversight and superior management information.”
- Paul Bermingham, managing director, Advent Insurance Management