DOCOsoft Processing Over 1 Million Market Messages
DOCOsoft has achieved a major milestone already in 2020 with the news that it is now processing over 1 million market messages a month.
That news was reflected in a hat trick of new Tier 1 Lloyd’s Managing Agent clients wins at the start of the New Year as well as a decision by the world’s largest stand-alone run-off consolidator to go live with a new claims management system (CMS) are fuelling rapid growth at DOCOsoft.
The addition of three more Tier 1 Lloyd’s Syndicates has taken the number of Managing Agents using the DOCOsoft CMS to 18, which accounts for around one third of Lloyd’s carriers responsible for more than £12 billion of GWP. Meanwhile, the news that one of the world’s largest run-off companies has signed up with DOCOsoft opens up a new chapter in the company’s development of cutting edge claims management technology.
DOCOsoft at the Heart of the Lloyd’s Claims Ecosystem
The DOCOsoft CMS now sits at the heart of a new Lloyd’s claims ecosystem – an interconnected set of services that allows users to fulfil a variety of needs in one integrated experience. This offers a potential insight into a future for the subscription-led market model that operates today, and the visions presented by the Future at Lloyd’s Blueprint, which calls for a new claims orchestration, messaging and workflow platform to support streamlined processes.
DOCOsoft CEO Aidan O’Neill said: “More flexible, graphic systems like Write Back – which ought really to be renamed “customisable ECF claims” – should be playing a part in an integrated digital claims strategy today. 18 of DOCOsoft’s clients will now have such a system, enabling them to steal a significant march on their market peers. This has already aligned them with the claims vision outlined in the Future at Lloyd’s. A customisable ECF platform – which can plug multiple APIs into carriers’ claims systems – is already in operation today through DOCOsoft’s Claims Management System, processing millions of rich claims messages a month at Lloyd’s.
DOCOsoft has responded to the Future at Lloyd’s report’s exhortation to the market to embrace new opportunities by delivering a next generation claims solution. The aim is to embrace InsureTech that is powered by data and advanced analytics and deliver am interface for policyholders and all other market participants to improve communication and transparency.
Many claims teams are therefore turning to technology solutions that can plug in multiple external APIs, exchange rich claims messages, gain insights, remove duplication, automate processes and enhance performance. A modern claims management system can help with cradle to grave claims – all in one place, providing customer satisfaction and a competitive edge of bureau, non-bureau and email notifications.
The DOCOsoft CMS can integrate with underwriting systems, DMS, sanctions, 3rd party systems – a complete, customisable lifecycle claims solution, driving efficiencies and speed of claims. It can plug in Nat Cat models, aviation flight data, shipping fleet movements, war and terror heat maps, claims reserving analysis, cyber risk perils, and a whole host of other external APIs with cross functional utility that can help to integrate an insurer’s internal and external data.