LMA launches Gemini to tackle claims expert spend
Gemini, a claims expert management solution and platform for Lloyd’s carriers, has been launched this week...
Developed by the Lloyd’s Market Association (LMA), in partnership with Advent Insurance Management Limited, and driven by claims professionals from the Lloyd’s market, Gemini will enable carriers to understand their true spend on claims experts, manage the relationships and monitor their performance. This will help to achieve management efficiencies, a greater control of and reduction in claims costs and will improve the performance of experts.
The LMA has previously estimated claims expert spend in the Lloyd’s market to be in the region of £500 million a year.
Tim Bowling, Senior Executive at the LMA said: “This platform enables a greater understanding of expert spend and will allow Lloyd’s carriers to make informed decisions around that spend. The development of a searchable database of regularly used experts, supported by the onboarding process and performance oversight, will allow carriers to manage effectively the delivery of claims services for the benefit of carriers and policyholders alike.”
Over 500 experts have been pre-registered for access to Gemini with the support of Lloyd’s carriers.