Menu

Faster Claims Payment (FCP)

Faster Claims Payment (FCP)

Overview

FCP is one of the key milestones for 2022 of the Future at Lloyd’s Blueprint Two programme, which is digitalising the Lloyd’s market to make it better, faster, and cheaper. FCP gives managing agents greater flexibility in their capital management and provides all participants with real-time visibility over claims payments as well as a reduction of associated account and transactions fees.

What is FCP?

Faster Claims Payment (FCP). FCP is a transformative payment solution which allows Delegated Claims Administrators (DCAs) for Lloyd’s binding authority business to make payments on request, drawing on managing agent funds directly, removing the need for loss funds and the associated cash calls for funding deficits. The solution is leveraged through the Vitesse payment platform, paying claims in minutes instead of days and weeks and in local currencies.

FCP has become a market service as a result of managing agents’ commitment to adopt and use the solution. LIMOSS will be supporting the Future at Lloyd’s adoption team to bring the committed managing agents onto the Vitesse platform over the next six months.

LIMOSS Role

LIMOSS will be setting up the appropriate governance to ensure the service meets the requirements of all stakeholders, including:

  • Contract (MUA) review and signing
  • Subscription charge collection via STFO (twice yearly in Jan and July)
  • Transactional charge collection via STFO (monthly in arrears, based on usage of the service)
  • Service oversight (performance against SLA’s, monthly operational reviews)
  • Service governance (monthly Steerco, CAB, delivery of change, release management including market user testing)
  • Supplier assurance (service risk tracking, audit report review)

Lloyd's Role

  • Market engagement and readiness (FCP introductions, drop in sessions, events etc.)
  • FCP process training (instructor led)
  • On-boarding support (binder selection, reconciliation support, onboarding artefacts etc.)

Vitesse Role

  • Payment and liquidity management services (provided via the Vitesse platform)
  • Vitesse system training
  • Connectivity setup (API, batch or single payment)
  • FCP funding and payment account setup and maintenance
  • All payment services
  • User permissions and account access
  • Customer support for all payment and liquidity inquiries

Which Managing Agents have signed up for FCP?

  • Asta Managing Agency Limited
  • Atrium Underwriters Limited
  • Beazley Furlonge Limited
  • Brit Syndicates Limited
  • Canopius Managing Agents Limited
  • Dale Managing Agency Limited
  • Faraday Underwriting Limited
  • Hamilton Managing Agency Limited
  • Hiscox Syndicates Limited
  • Lancashire Syndicates Limited
  • Liberty Managing Agency Limited

Training and Market Engagement

Lloyd’s is providing on-boarding support, Market engagement and training for the new FCP service.  Further details can be found by following the links below:

 

Contacts

Managing Agents regarding their individual contracts:
Email: mua@limoss.london

About the solution:
Web: www.lloyds.com/FCP
Email: FCP@lloyds.com

About Vitesse and their platform:
Web: https://vitessepsp.com/faster-claims-payments
Email: insurance@vitessepsp.com

Was this information Useful?

Do you want to tell us why?

Select from the following options:

Please choose a reason

How should we improve this?

If you would like us to get back to you regarding this please leave your email address