Managing claims for the London Market
London has long been a major hub in the insurance and reinsurance world. Since around 1688, to be more precise! DOCOsoft plays a key role in that market today.
The London (re)insurance market
The London insurance and reinsurance market is a global hub for property and casualty (P&C) insurance. The London market handles more than £100 billion in gross written premiums annually. This figure includes the historic, and hugely influential, Lloyd’s market, as well as the London Company Market, the collective term for the many insurance and reinsurance companies who operate outside of Lloyd’s but within the London Market as a whole
Lloyd’s of London
Established in 1688, Lloyd’s is the world’s leading specialist insurance market, with a market capacity of more than £50 billion. It consists of around a hundred syndicates, underwriting complex risks for clients in more than 200 countries around the world. The Lloyd’s market handles around £35 billion in gross written premiums annually, paying claims worth around £20 billion. Reinsurance accounts for roughly a third of Lloyd’s business, reflecting its vital role in the global management of risk.
DOCOsoft’s role in the London Market
In this fast-paced high-stakes environment the ability to settle claims quickly, fairly and accurately is crucial. DOCOsoft plays a pivotal role with more than 50% of all London market claims messages going through a DOCOsoft claims management system. Our cutting-edge specialist claims software empowers London Market participants to manage claims swiftly, efficiently and intelligently, reducing admin, supporting powerful data-driven insights, and ultimately boosting customer satisfaction.
DOCOsoft is the London Market’s leading specialist provider of P&C (re)insurance claims management systems. More than 30% of Lloyd’s managing agents now use a DOCOsoft system, reflecting a massive £15 billion in premium income. DOCOsoft processes around £12 billion in claims payments a year for some of the largest and most prestigious London Market insurers.
Looking to the digital future of (re)insurance in London and around the world, DOCOsoft has emerged in recent years as a powerful advocate for its customers’ interests, playing a proactive role in ensuring that Lloyd’s Blueprint Two initiative gives companies active in the London Market the claims capabilities and functionality they need to compete and win on a global stage.