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Postponed: Lloyd’s Delegated Authority Webinar for Brokers – 4th February

Thank you for registering to attend the Lloyd’s Delegated Authority webinar for LIIBA members on Thursday 4…

Thank you for registering to attend the Lloyd’s Delegated Authority webinar for LIIBA members on Thursday 4 February. We have decided to postpone this webinar to address some specific areas of feedback. We are working on developing more functional demonstrations of the solution to ensure all broking firms understand the benefits and the practical steps that will need to be taken to adopt the solution. A new invitation will follow to those who registered for this webinar.

Kind Regards,

Lloyd’s DA Programme Change Team
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WEBINAR: Lloyd’s & LIIBA Delegated Authority Webinar for Brokers. 4th February

Lloyd’s LIIBA Delegated Authority Webinar for Brokers. 4th February Please see below an invite for the latest…

Lloyd’s LIIBA Delegated Authority Webinar for Brokers. 4th February

Please see below an invite for the latest Lloyd’s DA webinar event being held for LIIBA members on the 4th February.

Details of how to register are shown below but if unable to access the embedded link to register for the session, the detail can be accessed by copying the following link detail in to a browser: https://communications.lloyds.com/199/2331/landing-pages/rsvp-blank.asp?sid=42c3fd01-48b3-4faa-9b9a-af6f06d4e334

Lloyd’s & LIIBA Delegated Authority Webinar for Brokers

Thursday 4 February 2021

 
Lloyd’s is partnering with LIIBA to deliver monthly Delegated Authority webinars for brokers. These sessions will be your opportunity to find out the last updates on the planned DA system changes being implemented by Lloyd’s this year.

As a LIIBA member, you are invited to register your interest to attend the next Delegated Authority webinar on Thursday 4 February.

By attending this one-hour webinar, you will:

1.  Hear more about the Delegated Contract Manager formal market acceptance testing process

2.  Understand how market firms will be trained and onboarded, ahead of Delegated Contract Manager release one go-live

3.  Learn the outcome of the Delegated Data Manager consultation

4.  Have an opportunity to ask your questions and share feedback

Thank you,

Lloyd’s Delegated Authority Programme Change Team

 

Webinar details

Thursday 4 February

13:00 – 14:00

Microsoft Teams

  
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CII Chartered Status Event for UK Coverholders – 27th Jan 3pm – 4pm

We have been advised by Lloyd’s that they are holding a joint webinar with the CII on…

We have been advised by Lloyd’s that they are holding a joint webinar with the CII on 27 January for UK coverholders on the new CII Chartered status. Lloyd’s have additionally advised they do not require or request UK coverholders to have this status – the event is purely an awareness raising/education webinar.

 

Lloyd’s will be sending an invite through to UK coverholders tomorrow, a draft of which is detailed below for your information.

 

 

Culture, purpose and professional standards – the value of Chartered status for coverholders

 

The CII and Lloyd’s are delighted to invite you to our joint webinar on the benefits of being both a Lloyd’s approved coverholder and a CII Chartered firm.

Last year the CII launched a new Chartered title, Chartered Insurance Underwriting Agents, designed to allow MGAs and coverholders to demonstrate their commitment to professionalism.  During this event we will discuss how Chartered status benefits coverholders and aligns with Future Culture at Lloyd’s.

In this one-hour event you will hear from:

 

Sian Fisher, CEO, CII
Paul Brady, Head of Policyholder and Third party Oversight Performance Management, Lloyd’s

Melissa Collett, Professional Standards Director, CII

Steve Jenkins, Development Director, CII

Alan Roe, Managing Director and Responsible Member, Touchstone Underwriting Ltd

 
DATE: Wednesday 27th January 2021

TIME:  Session runs from 15:00 to 16:00

REGISTER: https://event.on24.com/wcc/r/2953556/964177BF58C7DB1F580E140E8D11C08C
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Improve claims service and reduce costs with SCAP

LIIBA’s Claims Operations Liaison Group (COLG) has, along with the markets’ other trade associations, conducted a review…

LIIBA’s Claims Operations Liaison Group (COLG) has, along with the markets’ other trade associations, conducted a review on the usage of the single claim agreement party (SCAP) process. The conclusion of the review is that, where utilised, SCAP can reduce claim agreement times substantially. However, since its launch in 2018, uptake has been mixed with only two broking firms utilising regularly.

Having undertaken the review, a number of areas were identified for improvement with the primary one being that the clause itself (LMA9150) was missing from MRC documentation presented to underwriter, meaning that even if a claim was suitable, it couldn’t follow the procedures to process under SCAP.

To address this particular area and ensure everyone is able to understand the benefits of SCAP, the LMA will be running a specific session for the market on Wednesday 2nd December. Whilst mainly aimed at placing brokers and underwriters, those working in claims are welcome to attend to provide a refresher training.

Details of how to book on the session is detailed below. The full file path to the invite is detailed here: https://www.lmalloyds.com/LMA/Events/LMA___market_events/SCAP_for_Underwriters_and_Placing_Brokers_02Dec2020+E20102.aspx

 

Improve claims service and reduce costs with SCAP

Training

The LMA on behalf of all the Associations will be running an informative and interactive session on SCAP (Single Claims Agreement Party) tailored specifically for Underwriters and Placing Brokers on Wednesday 02 December 2020 at 14.00 via Zoom.

Engage in and understand how the use of SCAP can support and benefit products and policyholders, evidencing benefits from broker and carrier adoption – simplifying servicing from the front end.

 

“Benefits are undeniable. We are mystified why other brokers haven’t taken advantage of it” Claims Director, WTW

Background

85% of all policyholder claims in the London Market are less than £250,000. These cross-market, non-complex claims can be settled more quickly and easily by using the Single Claims Agreement Party (SCAP) framework which was launched in February 2018 via the model LMA clause LMA9150.

What we have seen so far

A review of SCAP usage and effectiveness was undertaken by the market trade associations, Lloyd’s and DXC, in Q3 2020, which reveals:

The SCAP framework is used extensively by two large brokers who benefit in the following ways:

  1. faster response times and settlement times
  2. improved customer experience thanks to a reduced number of queries
  3. no quality concerns from leader only claims management
  4. a single claims agreement party reduces expense for brokers and carriers
  5. improved end to end service for clients.

So why is SCAP adoption being challenged?

  1. The processes and benefits may not be fully understood by all.
  2. Further support should be provided to placement functions, with an opportunity for claims functions to revisit training.
  3. The training will help brokers to ensure the clause is included within the MRC (if there is more than one subscribing market) and underwriters to accept the clause unless a valid reason is presented.
  4. There will be the opportunity for market feedback on how processes can be improved
  5. The challenges within the operating model are still to be addressed within Future at Lloyd’s.

Key features of SCAP

  1. The application of SCAP is optional for brokers and carriers and needs to be considered at the point of placement.
  2. The current SCAP threshold is fixed at GBP 250,000 (or currency equivalent) to the slip.
  3. The SCAP Slip Lead must be a UK authorised (re)insurer or a Lloyd’s syndicate
  4. SCAP operates to give claims handling authority to the Slip Lead on a multi bureau / mixed market placement
  5. Insurance and reinsurance placements are both in scope for SCAP. However, binding authorities, proportional treaties and quota share treaties are outside of scope.

Further Information

All relevant documentation and the associated guidelines can be found in the Document Library of the LMG website.

Questions about SCAP should be directed by carriers and brokers to their relevant Market Association:

Lee Elliston
Claims Director, LMA
lee.elliston@lmalloyds.com		 Jackie Hobbs
Associate Director, LIIBA
jackie.hobbs@liiba.co.uk
   
Shanaz Ferreira-Cooper
Technical Executive Claims, LMA
shanaz.ferreira-cooper@lmalloyds.com		 Geraldine Wright
Company Secretary, LIIBA
geraldine.wright@liiba.co.uk
   
Paul Calvert
Senior Market Services Executive, IUA
paul.calvert@iua.co.uk		 Zoe Woods
Claims Improvement Manager, Lloyd’s
zoe.woods@lloyds.com
   
Kim Darrington
Market Modernisation, IUA
kim.darrington@iua.co.uk		  

 
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