"Xchanging provides comprehensive end-to-end claims management from the first notification of a claim, through to settlement, recovery and closure. Xchanging has coverage and resources to support all or part of a customer’s claims portfolio. Xchanging processes 560,000 claims with a total value of £11.4 billion annually."
Claims Services
Xchanging actively manage claims from first advice to ultimate resolution with approximately 200,000 open claims being handled at any moment in time. 98% of presentations are handled in 5 working days. 560,000 claims transactions are issued per annum, and £11.4bn is settled annually on behalf of Lloyd’s insurers.
Xchanging work in close partnership with leaders on claims strategies, playing an important role as an independent agreement party for the following Lloyd’s market.
XCS core services to the Lloyd’s Managing Agents include:
- Claims Agreement for Followers
- Technical Processing
- Review service for static claims
- Fees Direct Service
- Catastrophe coordination & management (expert services)
- Market liaison
- Recoveries
The above services are offered across the following areas of business:
- Aviation
- Marine (Cargo, Hull & Energy)
- Non Marine (Property, Professional Indemnity, Liability and Binding Authorities)
- Reinsurance
Xchanging optional services to Lloyd’s & London Insurance Market include:
- Delegated Lead Claims management in Lloyd’s market for specific lines of business
- Claims Management Services
- Recoveries and Subrogation Service
- Management Information
- Expert management services
80% of our claims are deposited in London and Chatham and 5% of claims, including Direct Reports are currently received electronically. We are currently taking market leadership in electronic trading with the introduction of ECF (Electronic Claims Files). ECF will ultimately change the way we do business, enhancing claims presentations and improving operational efficiency.