Advent Claims, (Advent) a division of Advent Insurance Management with claims operations in the US, UK, Canada and Australia, today announces the launch of Advantage: a proprietary web-based claims management system for MGAs and coverholders that captures all information required for current and future regulatory reporting.
Advantage is designed to alleviate the increasing pressures on insurers’ delegated authority relationships, primarily caused by changes in regulation, prompting some coverholders to turn to capacity in local markets.
Lloyd’s syndicates and insurers must provide extensive additional data to comply with the FCA’s Conduct and Treating Customers Fairly rules, Solvency II, pillar 3 and, from 1st July 2017, Version 5 of Lloyd’s Coverholder Reporting Standards. In turn, all MGAs and coverholders with claims authority must provide much more data to demonstrate compliance, which can involve costly system changes and divert management attention away from core business matters.
Advantage is configured specifically to meet these regulatory requirements and manages the entire claims process from first notification of loss to final settlement. The web-based straight-through processing system is proven to improve service, reduce cycle times and create significant operational efficiencies. It automatically generates monthly bordereaux, eliminating the need for binder reconciliation, and provides all information required for regulatory reporting. By removing costly steps from the data entry and exchange process, Advantage quickly becomes self-financing for managing agents.
The system forms an integral part of Advent’s global claims third party administrator proposition, which supports clients in the US, Canada and Australia.
Paul Bermingham, director, Advent Claims said: “Coverholders are struggling to comply with regulatory demands. Some are seeking additional commissions or moving to local markets, while some insurers have drastically cut their TPA panels. Advantage is a powerful and timely development, which will enable the delegated authority market to comply with these and other regulations while becoming much more efficient. It allows business relationships to thrive and transforms the profit potential of the delegated authority model.”