The LMA’s Claims Committee (LMACC) has agreed to support and fund a satellite imagery and intelligence service for all Lloyd’s managing agents that will enable improvements to claims processes and exposure management both pre and post a natural catastrophe.
Managing agent representatives from LMA Sector Groups, the LMA and Lloyd’s have worked with McKenzie Intelligence Service (MIS) to develop an imagery and intelligence service that supports the market before and after an event and across multiple classes of business. It will help Lloyd’s carriers to assess the extent of the damage/loss at an early stage by providing ‘ground truth’ intelligence such as satellite imagery and any available all-source data.
The data and analytics will allow Lloyd’s claims professionals to manage and adjust claims remotely, in some instances making early part-payment or full settlement to policy holders. The service will be delivered to each managing agent via MIS’s custom-built portal.
Ruth Cameron-Errington, Senior Claims Executive at the LMA said: “Data and analytics are driving rapid change in our industry and I am pleased that we are supporting such an important and growing field. This service and the technology it brings will undoubtedly further improve the way in which claims professionals and the wider market manage and respond to claims post a significant natural catastrophe.”
Notes to Editors
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About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd’s Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £30billion per annum.
For more information visit: www.lmalloyds.com