FCP solution recognised for transforming claims experience for customers and market participants
As more market participants are signing up to use Faster Claims Payment (FCP), the insurance industry is recognising and rewarding the scale of the market-wide issue that FCP is solving, the work that has gone into the development and adoption of the solution, and the benefits for the entire market. At the Insurance Post British Insurance Awards at the Royal Albert Hall on 5 July 2023, the Faster Claims Payment (FCP) solution was named ‘Claims Initiative of the Year’. This accolade follows an earlier win for ‘Claims Achievement Award’ at the Insurance Times Claims Excellence Awards in May 2023.
Almost £1 billion of claims funds have traditionally been scattered around the world in individual bank accounts, or loss funds, managed by Delegated Claims Administrators and coverholders on behalf of Lloyd’s managing agents. FCP is revolutionising the market by centralising and significantly reducing these funds, enabling claims to be swiftly paid to our customers when they require them, and freeing up capital for our market participants to invest in other important initiatives.
“FCP is a key component of our Blueprint Two market modernisation programme and is already delivering tangible improvements for our policyholders, including following Hurricane Ian last year. This accolade acknowledges the whole market working together, and I’d like to congratulate the Lloyd’s team past and present, our market champions, market associations and our FCP partner Vitesse for this well-deserved recognition.”
Bob James, Chief Operations Officer at Lloyd’s
“FCP delivers a transformational claims experience for policyholders, optimising the delivery of claim funds in their time of need while removing loss funds and improving the claims liquidity and payment process for all market participants. Everyone at Vitesse is proud to be a part of this solution, leveraging our global payments expertise and claims treasury platform to help the Lloyd’s market achieve its ambition to be better, faster, and for all participants.”
Phil McGriskin, Chief Executive Officer of Vitesse PSP
Find out more about our Faster Claims Payment solution here.
