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Leading the Way to an Algorithmic Future at Lloyd’s with Successful Automatic Claims Settlements

19 May 2020

A major stepping stone towards an algorithmic vision for the Future at Lloyd’s was realised last week when a top Tier 1 carrier successfully completed two small claims auto settlement (SCAS) transactions on the DOCOsoft Claims Management System (CMS).

This important initiative was launched in Q2 2020 as part of the Quick Win deliverables under the Future at Lloyd’s Blueprint. The carrier partnered with its claims management system provider DOCOsoft on the Market Acceptance Testing (MAT) phase of this significant initiative.

SCAS will demonstrate the advantages of automating those small claims settlement transactions – in effect the practical use case of a form of robotics - by:

• Removing claim handler touch points
• Reducing transactional agreement timeframes
• Improving customer and broker experience through a faster settlement cycle
• Increasing Claims Adjuster capacity to focus on higher value / more complex tasks
• Potentially delivering a cost reduction in the lifecycle of a claim for Managing Agents.

The Claims Operations Manager at the carrier reported on Thursday of last week that they had successfully completed two live SCAS transactions the previous day, and continued “We were able to clear both work items from the DOCOsoft CMS Claim inbox and perform a sanctions check using the integrated auto sanctions solution that we introduced last December.” He concluded with his “thanks to DOCOsoft for their support and assistance throughout MAT without which we could never have achieved this.”

DOCOsoft CEO Aidan O’Neill said: “Congratulations to everyone involved for making this happen under the trying circumstances of COVID-19. It has been a ‘testing’ time for all involved in this project in more ways than one but I’m very happy for DOCOsoft to be part of such an important milestone in the Lloyd’s market’s delivery of the vision for the Future at Lloyd’s. It’s onwards and upwards for the DOCOsoft CMS, which now counts many of the top tier one carriers among its ECF2 Write Back users.”

SCAS utilises an: ‘auto responder’ in ECF to automatically process settlements after release by a broker. Settlement requests that meet pre-defined criteria and which fall within Cargo, Hull, A&H and Property D&F would trigger the auto responder process. These criteria are:

• Settlement transactions that are £10k or less (Lloyd’s bureau share)
• Settlements from transaction 3 onwards
• CTP Standard Claims only (including Singletons)
• Settlements only for previously reserved claims (i.e. no change in total incurred as a result of settlement)

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