40 000 hours saved
17 million policies
Lloyd's of London, a renowned insurance market, facilitates insurance for diverse risks by connecting underwriters and brokers. Its unique marketplace allows for bespoke coverage, handling complex and unusual insurance needs globally.
They were struggling with the volume, quality and required speed for reporting on Catastrophe claims, and using Optalitix Validate were able to develop a portal which helped them improve their data analysis process. Find out more about how Optalitix helped Lloyd's of London save time and gain better insights with their claims data.
Lloyd’s came to us two years ago with a problem. They were struggling with the volume, quality and required speed for reporting on Catastrophe claims to state regulators in the US.
Their highly skilled internal staff and claims managers at over 150 companies were spending too much time performing validations and cleansing of data instead of undertaking their core responsibilities.
We solved the problem with the Lloyd’s Catastrophe Reporting Portal. The portal runs on our Validate product allowing users at Managing Agents and Delegated Authorities to rapidly submit their data to Lloyd’s.
Everything from the fields and validations, to reporting dates and users is configurable by Lloyd’s users to allow them to handle the latest catastrophes and regulator requests.
Now known as the Lloyd’s Reporting Portal, 2 years on we have expanded the portal to validate data from Catastrophes in Asia Pacific, Complaints and policy counts globally and International Payments and taxation in Europe. It now covers Hurricanes, Wildfires, Floods and Earthquakes.
We’ve continued to enhance the dashboards including geomapping of claims and workflow management. We now automate the creation of additional reports using the Optalitix Models platform.
For Managing Agents and delegated authorities, we’ve saved them valuable time that can be spent doing their important work rather than data cleansing and validation. We’ve given them a great user experience which makes the whole upload process simple and subsequent submissions even easier.
For Lloyd’s themselves, their data is more accurate and allows them to collect more granular data than they did before which unlocks additional insights into the claims.
Finally, the claimants, who are the end beneficiaries of this improved process. The insurers are now more accountable to the regulators ensuring that the claims are paid faster meaning that the people hit worst by the catastrophes receive their urgently needed funds sooner.
Where our system really shines is that it doesn’t stop with the current catastrophe being reported on. The granular, accurate data collected allows local governments to better protect their citizens against future large weather events, reducing damage and loss of life.
This has reduced the burden of manually collating, comparing and validating data from one period to the next. This portal has also been well received by the companies required to submit data.
Jenny Laverty, Senior Manager, Complaints for Lloyd’s of London