Delegated Authority Specialist and Lloyd’s Broker Endeavour Insurance Services has added powerful new functionality, including Lineage compatibility, to its innovative Advantage claims platform, further improving claims handling for Canadian Coverholders and Third Party Authorities (TPAs).
Developed in partnership with Advent Claims and offered free of charge to all Endeavour clients, Advantage is a single data entry platform to allow Coverholder and TPA claims to be processed directly into London’s central systems, removing costly duplication and delays.
Providing automatic claims validation against the correct section, binder and year of account, Advantage is compliant with all Lloyd’s and London Market reporting requirements, including Lloyd’s Version 5 Bordereaux and Solvency II.
Canadian Coverholders can now benefit from Advantage’s ability to import premium data reports, as the system recognises whether premium or policy data is already available, and allows Coverholders to draw in key information (from the premium data listed) into the claim.
This functionality also includes a staging area to review and check before data is committed to the system, while any issues or errors with data are reported.
Further updates mean that the Coverholder structure can now cater for parent and subsidiary relationships within the platform, while users can create summaries of performances, and set bespoke reminders.
Meanwhile, a more powerful defined reporting tool for Advantage is currently under development, transforming the platform into a powerful business intelligence and analytical reporting tool – even adding predictive elements.
Endeavour introduced the Advantage platform for its clients in the fourth quarter of 2017, and 25% are now live with a further 11% testing the system prior to going live. A further 28% have been provided with demonstrations of the system and are in discussions regarding the next required stage.
And Endeavour is discussing an interface of the Advantage platform with various Canadian TPA internal systems.
Richard Foulger, Head of Claims at AEGIS London, the Lloyd’s underwriter that leads a number of the Endeavour contracts using Advantage, said, “We always welcome initiatives that improve claims handling for Coverholders, especially those who are keen to send more business to the London Market.
“Endeavour’s offering of the Advantage system to its clients is a clear example of the kind of proactive approach needed to speed things up, cut down paper and duplicative processes and reduce some of the administrative demands on Coverholders.
One perfect example of this would be the production of specific claims bordereaux which Advantage takes care of for them. This sort of initiative can only help increase the flow of international business to London.”
Endeavour Support Services Director Sarah Newman said, “Thanks to a string of updates to the powerful Advantage platform, the Lloyd’s claims handling process is being further streamlined for Canadian Coverholders and TPAs.
We have been delighted with the update of this technology from our clients to date, with many demonstrations still in the pipeline. Feedback from users has been very positive so far, with Advantage praised as ‘revolutionary’ by some people.
Too many companies talk about modernising London Market processes without taking action themselves. We are committed to improving and increasing the flow of business into the Lloyd’s market – the success of which is built on its reputation for paying all valid claims.
To us, this means striving for continuous improvement to make claims handling and payments as efficient and transparent as possible must be a cornerstone of all businesses in the insurance market.”
Endeavour is an accredited Lloyd’s Broker and one of the largest and most respected independent producers of Delegated Authority and Open Market business in the London Market.
Notes for Editors
About Endeavour Insurance Services
Founded in March 1999, Endeavour Insurance Services specialises in the placement of business produced by North American and European agents handled under delegated authorities.
Now employing 44 people in its London office, Endeavour has four divisions supporting business from the USA; Canada, Europe and the Rest of the World; Facultative Reinsurance; and Cyber.
The classes of business covered under the above territories are as follows:
- USA: Property, Casualty, Professional Risks, Specialty. Open Market, Binding Authorities and Reinsurance
- Canada: Property, Casualty, Professional Risks and Personal Accident. Open Market, Binding Authorities and Reinsurance
- Cyber worldwide – Online portal, cyberEIS
Endeavour is an accredited Lloyd’s Broker and a member of the Wholesale & Specialty Insurance Association (WSIA) following the merger of the National Association of Professional Surplus Lines Offices (NAPSLO) and the American Association of Managing General Agents (AAMGA) on 1st August, 2017.
Helen Wright, Lysander PR
07842 729 579
Roddy Langley, Lysander PR
07740 633 296