London, Monday 2nd July, 2018: Lloyd’s broker and delegated authority specialist Endeavour Insurance Services (Endeavour) today announces that it has outsourced its claims processing services to Advent Insurance Management (Advent).
During 2017, Endeavour partnered with Advent to develop the Advantage digital claims processing platform, which Endeavour offers free of charge to its clients. This collaboration has resulted in a transformation in the speed and efficiency with which Endeavour client claims can be processed, and is anticipated to create a dramatic reduction in the number of claims files which will need to be physically broked to claims underwriters.
With clients and Third Party Administrators (TPA) recognising the benefits of this system, and increasingly signing up to it, there is less demand for a number of the traditional claims broker functions.
At the same time, Endeavour is keen that the deep experience and talent within its claims team is not lost, and believe the outsourcing agreement with Advent is an excellent solution to retaining valuable skills in the market.
Effective 1st July, six members of staff have moved to the Advent team, where they will provide an initial outsourcing service to Endeavour for the remaining processing based tasks, and also work with Advent’s other partners.
Endeavour Founder and CEO David Lawrence said,
“The London Market continues to evolve, with focus being increasingly drawn towards the cost of doing business. Together with Advent we have been able to demonstrate the value we bring to the claims process through the innovative Advantage platform, and why we – as brokers – continue to add value to our clients and markets by offering market-leading claims technology to all parties in the insurance chain. It is now a logical next step to outsource the non-Advantage functions of the claims process to a company with whom we have built up an excellent working relationship.”
Paul Bermingham, Director at Advent Insurance Management added,
“We are delighted to welcome the Endeavour claims team to Advent and applaud the Endeavour managements’ commitment to protecting their roles in the market. Our growing relationship with Endeavour is based on a joint vision of refocusing the claims experience away from processing and administration to focus on adding real value to the Coverholder and Carrier relationships. The Advent team will continue to support Endeavour but will also have the opportunity to develop and progress across our other client engagements, products and services.”
Sarah Newman, Support Services Director, Endeavour Insurance Services, said,
“Lloyd’s Coverholders and TPAs have complained of cumbersome, expensive and onerous claims handling processes, as well as increasing regulatory requirements, particularly compared to local markets. At the same time, the pressure is on Lloyd’s brokers to demonstrate that the role they are undertaking is truly vital to the insurance chain.
The Advantage system not only provides a single point of entry initiated by the Coverholder or TPA, thus streamlining the existing method of handling claims, but satisfies the regulatory challenges which have been passed onto clients, therefore removing that burden from them.
This business decision, to transfer the claims processing activities previously undertaken by us to Advent for them to assume responsibility for this work will make the process more efficient and cost effective for all parties concerned.
In taking this decision, we have carefully considered market conditions, while at the same time recognising the potential benefits, including the protection to staff employment under TUPE (Transfer of Undertakings Protection of Employment). Our talented claims team will also support Advent with its own role as a TPA and service provider.”
Last month Endeavour announced its agreement to merge with independent broker SSL Insurance Group, subject to FCA approval.