FCP is one of the key milestones for 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 (MAs) greater flexibility in their capital management and provides all participants with real-time visibility over claims payments, as well as a reduction in associated account and transactions fees.
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. This removes the need for loss funds and the associated cash calls for funding deficits. The solution leverages the Vitesse payment platform, paying claims in minutes instead of days and weeks - and in local currencies.
FCP is now a “live” market service as a result of managing agents’ commitment to adopt and use the solution. LIMOSS is supporting the Future at Lloyd’s and Vitesse adoption teams to continue to onboard market participants to FCP in the coming months.
LIMOSS has set up appropriate governance to ensure the FCP service meets the requirements of all stakeholders, including:
Managing Agents:
DCAs and Brokers:
If you wish to discuss any issues or queries with the primary FCP contact in one of the companies listed below, please contact LIMOSS Service Desk stating the name of the company – or companies – that you wish to speak with. Your request will be passed through to the relevant person in each company.
All MAs listed below have signed the MUA required to use FCP.
‘FCP Ready’ MAs have confirmed to Vitesse that they:
1. Understand the FCP processes and their teams have completed FCP training
2. Are ready and willing to engage with the market on this new way of working
3. Have provided a FCP contact
‘FCP Live’ MAs have been confirmed by Vitesse to have:
1. Opened at least one funding account and initial monies have been transferred
2. Selected at least one binder
3. Created at least one payment account
| Company | FCP Ready | FCP Live |
| Arch Managing Agency Limited | Y | Y |
| Argenta Syndicate Management Limited | Y | Y |
| Ascot Underwriting Limited | Y | Y |
| Asta Managing Agency Limited | ||
| Atrium Underwriters Limited | Y | Y |
| Beazley Furlonge Limited | Y | Y |
| Blenheim Underwriting Limited | ||
| Brit Syndicates Limited | Y | Y |
| Canopius Managing Agents Limited | Y | Y |
| Chaucer Underwriting Services Limited | ||
| Cincinnati Global Underwriting Agency Limited | ||
| Dale Managing Agency Limited | Y | Y |
| Faraday Underwriting Limited | ||
| Hamilton Managing Agency Limited | ||
| Hartford Underwriting Agency Limited | ||
| HCC Underwriting Agency Limited | ||
| Hiscox Syndicates Limited | ||
| Lancashire Syndicates Limited | ||
| Liberty Managing Agency Limited | Y | |
| MS Amlin Underwriting Limited | Y | Y |
| Munich Re Syndicate Limited | ||
| Riverstone Managing Agency Limited | ||
| Tokio Marine Kiln Syndicates Limited | ||
| Travelers Syndicate Management Limited | ||
| Westfield Specialty Managing Agency Limited |
The following DCAs have confirmed to Vitesse that they:
1. Understand the FCP processes and their teams have completed FCP training
2. Are ready and willing to engage with the market on this new way of working
3. Have provided a primary FCP contact
Bridgewater Group
Claims Consortium Group
Crawford & Company UK Ltd
Crawford & Company US
Field Pros Direct
Gulf Coast Claims Services
Hausch & Company
MYI Limited, trading as McLarens
Pequod Associates Ltd
Synergy Adjusting
The Best Claims Solutions
Vanguard Claims Administration
The following brokers have confirmed to Vitesse that they:
Amwins Global Risks
Besso (Ardonagh Specialty)
Bishopsgate (Ardonagh Specialty)
Bowood
Ed Broking (Ardonagh Specialty)
Price Forbes & Partners (Ardonagh Specialty)
What is the MUG?
The Market User Group (MUG) is a monthly meeting where operational level attendees from MAs, Brokers and DCAs are encouraged to share best practice, prioritise change requests and raise issues for the strategic Claims Steering Group. MUG takes place on the 3rd Thursday of each month.
The MUG is only open to live, active users for the purpose of discussing FCP usage. Whilst not part of the adoption process, suggestions for improving the on-boarding process can be raised.
The full Terms of Reference for the MUG are available to invited organisations.
Who can join the MUG?
Organisations in the following groups can ask to be invited to the MUG:
Definitions of each category can be found in the relevant MA, DCA, or Broker sections on this page.
Attendees are welcome from the following areas:
How do I request a MUG invite?
If your organisation falls into one of the categories listed above (FCP Live MA, FCP Ready DCA, FCP Ready Broker), you can request an invite to the MUG.
To keep the MUG at a manageable size, it may not be possible for all organisations to join immediately.
What if I can’t make the meetings but still want to keep up with the MUG?
If you would prefer to just receive the minutes and other products from the MUG sessions, please request to be added to the ‘FCP MUG Mailing List’.
All Information will be used in accordance with the LIMOSS Privacy Notice.
The following online training materials, videos and guides are provided free to support adoption
E2E Process Guide
Quick Reference Guides
Video Overviews
LICENCE
The training materials on this webpage (including without limitation photographs and graphical images) are owned by LIMOSS or its licensors, and are protected by copyright laws and treaties around the world. All such rights are reserved.
You are permitted to access and use the training materials solely for your internal business purposes in relation to the use of FCP services to which the training materials relate (“permitted purpose”). Other than as stated below, the access to and use of the training materials includes only the right to access and use the training materials on this webpage, and does not include the right to modify, download, print, reproduce or store such training materials on your or any other public or private retrieval system or service.
You are permitted to print and download a reasonable amount of training materials from this webpage provided that the printing, downloading, and further use of such training materials is for the permitted purpose.
This permission will be revoked immediately if any of its terms are infringed, or if the content is removed from this webpage. You must immediately delete any downloaded content and destroy any printed training materials on revocation of these permissions.
MA enquiries about individual contracts and charges:
Email: mua@limoss.london
Learning about Vitesse and their platform – and registering for FCP:
Web: https://vitessepsp.com/faster-claims-payments
Email: insurance@vitessepsp.com
User Support: On-boarded users experiencing any FCP problems:
Email: fcpsupport@vitessepsp.com
Learning about Lloyd’s FCP solution:
Web: www.lloyds.com/FCP
Email: FCP@lloyds.com
Service Escalation: Any users with service escalation issues:
Email: servicedesk@limoss.london
