Published in Insurance Day.
Gemini offers automated settlement facility.
London market expert fee settlement platform Gemini has delivered the second phase of its development.
The second phase of the platform will enable the payment of fees to an expert using the automated settlement facility. It will also capture structured data and management information in relation to expert spend, performance and claims leakage.
Funded by the Lloyd’s Market Association (LMA) and built by Advent Claims, the Gemini platform aims to reduce the costs and administrative burden of managing experts for Lloyd’s managing agents and company carriers.
It is claimed the platform could save the market £4m ($5.3m) a year, equivalent to 70% of the annual cost of paying experts.
Roll-out to the London companies market will follow the Lloyd’s market.
The service has been adopted by 737 experts and 32 managing agents following the deployment of phase one.
Lee Elliston, claims director at the LMA, said: “Gemini phase two will allow carriers to manage and reduce costs, while also building a wealth of data to inform and support future claim outcomes and strategies.”
Paul Bermingham, managing director of Advent Insurance Management said: “Gemini has proven its ability to quickly establish itself and deliver tangible data and cost-saving benefits.”