Updated: Mar 21, 2021
Published in The Insurer.
The Lloyd’s Market Association (LMA) has announced phase II of London’s Expert Management & Settlement Platform, Gemini, to allow the automated payment of fees in a move that could save Lloyd’s £4mn ($5.2mn) a year.
Phase II will instigate the payment of fees to an expert using the automated settlement facility whilst capturing structured data and management information in relation to expert spend, performance and claims leakage.
Gemini, built and operated by Advent Claims and funded by the LMA, removes the lack of visibility, burden and cost associated with managing experts and the related claims expense for Lloyd’s managing agents and company carriers.
The platform delivers a data-first and technology-enabled solution and service, generating an efficient, straight-through fee and expense management product, linked directly to carriers’ claims-management systems.
Lee Elliston, claims director at the LMA, said Gemini solves a 30-year-old problem in relation to expert management and performance oversight, whilst providing insight into claim expense and leakage at both a carrier and market level.
The service has currently been adopted by 737 experts and 32 Managing Agents following the deployment of phase I, he said.
“Gemini phase II will allow carriers to manage and reduce costs, whilst also building a wealth of data to inform and support future claim outcomes and strategies – putting the analysis and power back into the hands of the Lloyd’s claims handler,” Elliston added.
Advent Insurance Management managing director Paul Bermingham said: “Following a rigorous build and test process with the market and LIMOSS, Gemini has proven its ability to quickly establish itself and 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 £4mn a year, Bermingham said.
“Put another way, compared with existing processes, managing agents could save 70 percent of the annual cost of paying experts, while also benefiting from greatly enhanced oversight and management information,” he continued.