London - Guy Carpenter & Co. Inc., a global risk and reinsurance specialist and a part of the Marsh & McLennan Cos., is launching its Electronic Claims File (ECF) initiative for reinsurers in the London market after development, testing and implementation of a pilot project with select Lloyd's managing agents.As one of the largest reinsurance brokers to offer ECF, a key component of the broader London Market reform program, Guy Carpenter will be able to process and conduct many of its claims transactions in a completely paperless environment with its current trading partners.
Guy Carpenter launched its ECF pilot as part of the London Market Principles (LMP) market reforms program, which outlined a broad program for improving claims processes, facilitating faster decision- making and providing improved claims service to clients.
ECF radically improves the current, antiquated London claims process, which requires reinsurance brokers to ship paper documents from regional offices to London and then distribute them by hand for review and agreement by underwriters, resulting in service delays and the inability for all parties to easily and efficiently access claim information.
"As society becomes increasingly reliant on technology and the Internet, global companies must develop solutions that support this faster, more streamlined way of doing business," says Charles Higham, managing director and chief administration officer of Guy Carpenter. "Guy Carpenter is pleased to be at the forefront of these initiatives by helping our clients conduct business more efficiently in today's changing environment."
"The pilot phase of the ECF project has been a tremendous success and has proved that for certain classes of business, the adjustment and agreement of claims can be greatly improved by the removal of the paper file," says Frank Hudson, senior vice president, Guy Carpenter. "ECF significantly enhances the delivery of information, allows all participants to communicate and view files concurrently, and provides greater transparency and speed. As one of the first brokers to formally launch ECF, we will seek ways to continue widening the opportunities for our clients to benefit from this groundbreaking technological initiative."
Source: Guy Carpenter & Co. Inc.
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