News

Summer 2015

Opening a New Frontier with Claims Management

In the same week that NASA's New Frontiers Space Programme took a pivotal step in the advancement of solar system exploration with its successful mission to Pluto, We are pleased to report that ECF2 Write Back is rapidly hurtling towards its mission delivery in late September this year when the claims management system is scheduled to go live.

What a long journey it has been and you may be surprised to learn that it has taken equally as long for the ambitious Pluto mission - launched fully nine years ago at the same time that ECF was launched into the Lloyd's and London insurance market stratosphere - to reach its destination!

It takes four hours now for data from the Pluto space probe to reach Earth but London market carriers will be pleased to note that Write Back will be able to process messaging in real time, 24/7 - a huge leap forward for the market or, if you prefer, opening a new frontier in London market claims excellence!

Read all about it in our latest newsletter, written by London market claims technologists for London market claims professionals...

Fundamental London Market Change:
Making the Leap of Faith from Paper to ECF2 Write Back

The LMA has been busy in recent months outlining its vision for claims transformation in the London market.

In a speech made by Lee Elliston, LMA Senior Executive Claims, at the LMG Forum on the 30th April, the audience of senior market practitioners were treated to an update on ECF2 Write Back progress.

DOCOsoft, who are one of the software providers building a technology initiative to support Write Back, attended Lee's informative and concise presentation which was well received by the market.

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Enterprise Claims Management Platforms

As a recent Global Claims Review by Allianz Global Corporate and Specialty (AGCS) highlighted, in 2013, the 20 largest losses reported across the insurance industry totalled around $8.1bn (€5.94bn), excluding those caused by natural catastrophes.

Many of the usual claims suspects are to blame, across the Specialty insurance classes including ship groundings, fire, major aviation losses and, increasingly prevalent in today's litigious times, professional indemnity and product defects. New emerging risks such as cyber and geopolitical threats are adding new layers of complexity to the claims mix.

Today’s claims management systems save time and money in the insurance arena. DOCOsoft, for example, has a client that retains one of the smallest head counts of Managing Agents in Lloyd’s per pound of capacity. When market conditions are right, this company runs a stamp capacity of £400m on less than 50 people. Claims technology plays a key role helping that MA to achieve such a level of efficiency and ROI.

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DOCOsoft Announces New ACORD DRI Certification

Insurance Times Tech Awards 2015

DOCOsoft, a provider of claims management, document management and workflow software solutions for the global insurance market, is pleased to announce that it has achieved ACORD certification for Document Repository Interface (DRI) Search, Download & Upload.

DOCOsoft is pleased to announce that it has made it through to the Finalist Stage of the Insurance Times Tech Awards in the new "Claims Technology Initiative of the Year" category for its work with early adopters Talbot Validus Insurance and Faraday on London market claims transformation initiative ECF Write Back.

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DOCOsoft Update - Rapid Progress on London Market Technology Initiative

Write Back, the London Market initiative that provides the ability for carriers to review and respond to a claim in their own system and interact with two of the central market claims systems – Electronic Claims File (ECF) and Insurers Market Repository (IMR), is rapidly progressing towards its scheduled delivery in late September.

Suppliers are now nearing the end of the Joint Integration Testing (JIT) phase to provide evidence of the successful message interaction with the central systems before moving into Market Acceptance Testing (MAT) starting on 27th July. DOCOsoft have successfully completed JIT ahead of schedule with very few issues identified, all of which have been successfully resolved and now await formal certification from the LMA to exit JIT and enter MAT.

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Business Transformation through Analytics

DOCOsoft has become a member of CeADAR (Centre for Applied Data Analytics Research). CeADAR is an industry led centre that brings together analytics researchers from leading Irish universities and innovation companies. Through cooperating with CeADAR partners DOCOsoft will develop tools that extract actionable insights from claims data.

Where can the latest claims technology help to analyse, transform and streamline processes? What can be done to eliminate redundant procedures, improve accuracy, and provide comprehensive business analytics? In the article that follows we argue that the data explosion, competition from emerging markets and technology, evolving consumer behaviours, and changing insurance regulation all require a strategic plan that will involve organisational change for forward thinking insurers in 2015 and beyond.

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DOCOsoft Unveils New System at Lloyd's Gallery
at 16th April Live Demo

The ECF world of claims adjusting descended upon the 16th April Write Back event arranged by the LMA to advertise the work done so far by the four service providers for their early adopter customers. The event, which was held on the 11th floor of the Lloyd's Gallery, was attended by some 300 claims professionals and was a great success.

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