London - Guy Carpenter & Company LLC, a New York-based global risk and reinsurance specialist and part of the Marsh & McLennan Companies, will mandate the use of electronic claims file (ECF) for in-scope claims for all Lloyd's markets from Jan. 1, 2008. This decision follows the successful implementation of Guy Carpenter's ECF initiatives and underscores the firm's commitment to further market reform, according to the company.
"ECF significantly improves the current London market claim process by removing paper and thus the need for physically moving claim files around the market," says Geoff Bromley, Guy Carpenter's Chairman of European and Asian operations. "Ultimately, it fosters a more efficient claims adjustment and payment process for our clients."
Bromley adds, "We remain committed to providing our clients with excellent service, and view ECF as a key building block in ensuring that London remains an attractive market."
In accordance with the announcement, Lloyd's markets underwriting Guy Carpenter business must agree to the use of CLASS@Lloyds and the Insurance Market Repository to handle all in-scope claims for 2008 risks. Guy Carpenter's 2008 contracts will also be amended to incorporate this new provision. Managing Agencies that have not signed the Repository Rules and Repository Agreement with Xchanging, and are therefore unable to trade electronically, will not be offered lead lines on Guy Carpenter's 2008 business, subject as always to the firm's duty to act in its clients' best interests.
Guy Carpenter has been actively involved with early implementation pilots since 2004 and currently has full ECF engagement with more than 90% of leading Lloyd's markets with which it places business, according to Guy Carpenter.
Source: Guy Carpenter & Company LLC
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