London Market

London Market

London Market

For three years a growing portfolio of liability claims had been managed under a traditional London market solution;which was effectively management from the claim team in London who would liaise with separate adjusters and lawyers, as required, in Australia.

  • With reliance on lawyers as main port of call on ground in Australia, legal costs escalated to over 50% of total claim costs
  • Local brokers frustrated at disjointed claim process with missed opportunities to resolve early
  • Issues with London understanding various local laws that differ across states
  • Local coverholder and policyholder frustration at slow process, exacerbated by time difference and lack of a local contact to discuss issues within business hours

The Solution

In conjunction with the coverholder, Proclaim introduced a streamlined notification process, with forms and procedures, and local contact numbers and help desk for queries. We implemented an early intervention claim model – early investigation from the desk to close down those claims that ought to be resolved quickly.

Support services came from a panel of lawyers and adjusters where they were appointed according to both expertise for the job and geography, and were supervised strategically to ensure value in services.

Better reporting was provided to London so the insurer could understand their exposure.

The Result

Across a portfolio of around 100 claims per year, the average proportion of legal costs on finalised claims fell by more than half. The average cost of claims fell by 40%.

Previously an insured with a notification would go from their broker to London broker/ agent to underwriter (which could take a few days) who then instructed adjuster or lawyer (a few more days) – which wasn’t always necessary. With a streamlined model Proclaim provides service on the ground plus technical expertise to cut the time and cost involved in claims.