The Lloyd’s Market Association (LMA), LIMOSS and Vitesse have signed a new contract to continue the market-wide FCP Service for a minimum of three years, reaffirming their commitment to an insured-first approach that accelerates claims payments and returns capital to carriers’ balance sheets.
“The solution removes the need for capital inefficient loss funds, and ensures that funds are readily available to pay policyholders’ claims quickly, helping to return a significant portion of the $2.3 billion held in market loss funds,” LMA explained.
Provided and maintained by Vitesse, the solution is integrated into Lloyd’s processes and managed by LIMOSS on behalf of the market.
More than 700 live binders are currently administered using FCP, reflecting market confidence in the solution’s benefits and robust capabilities.
Janine Powell, Claims Director at the Lloyd’s Market Association, commented, “The renewal of the FCP contract highlights the Lloyd’s Market’s commitment to payment solutions that prioritise the customer and are capital efficient.
“Like all transformation projects this has taken hard work, time and commitment, but we now have an effective, scalable solution that works for the Market, and this is reflected in increasing adoption and usage.”
James Bobbitt, Managing Director of LIMOSS, said, “FCP is now firmly established as a proven funding and claims solution, and LIMOSS is delighted to be acting on behalf of the market to fulfil their clear desire for a continued FCP service.
“The solution has set the standard for how the Lloyd’s Market can come together to drive transformation. The collaboration of Lloyd’s, Vitesse, LIMOSS and the Lloyd’s Market is the core reason that this solution has served – and continues to serve – the needs of Managing Agents, Brokers, Delegated Claims Administrators and policyholders.”
Phillip McGriskin, CEO of Vitesse, added, “This new agreement reinforces our position as a trusted provider to the Lloyd’s market, the most stringent and respected insurance marketplace in the world. It showcases the power of our connected financial infrastructure to unlock capital and improve liquidity across Delegated Authority business.
“FCP is built around the claimant, ensuring funds are immediately available to pay those impacted by a loss. It provides a market-proven solution to the ever-increasing priorities for Insurance Executives of capital management, operating costs and customer care.”
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