16th Nov 2006 09:00
Guy Carpenter & Company Ltd., the leading global risk andreinsurance specialist and a part of the Marsh & McLennan Companies(NYSE: MMC), and Amlin (LSE: AML), the leading Lloyd's insurer, todayannounced that, in continuing with the successful implementation oftheir Electronic Claims File (ECF) initiatives in the London Market,they have completed the Market's first fully paperless claimsettlement. As one of the first intermediary/reinsurer tradingrelationships to offer ECF, a key component of the broader LondonMarket reform process, Guy Carpenter and Amlin will now be able toprocess and conduct all new claims transactions in a completelypaperless environment, significantly enhancing client service. £ As Guy Carpenter previously announced, ECF radically improves thecurrent London claims process, which requires reinsurance brokers toship paper documents from regional offices to London and thendistribute them by hand for review and agreement by underwriters,resulting in service delays and the inability for all parties toeasily and efficiently access claim information. £ "Innovations in technology have made it possible to conduct almostany type of business transaction more effectively, more consistentlyand above all more efficiently than more traditional means. GuyCarpenter is proud to be at the leading edge of these initiatives andwill continue to assist the London Market to maximise thesedevelopments within the Reform Programme. Our trading relationshipsand the natural progression to a paperless environment represents amajor milestone for London, Guy Carpenter and client servicing," saidGeoff Bromley, Guy Carpenter's Chairman of European and Asianoperations. £ David Turner, Amlin's Claims Manager, commented, "Amlin iscommitted to leading in all aspects of process change, frompre-placement to claims settlement, working with our brokers toprovide better quality service to our clients. As the global insurancemarket becomes more transparent, we anticipate that differentialservice standards will prove a key factor in the selection of bothbroker and risk carrier." £ "While we have been trading electronically with Amlin since 2004,we have had to continue producing a paper file concurrently withtransacting business electronically in all our trading relationships.Until now, clients and markets have not been able to reap the fullbenefits of ECF," said Frank Hudson, Senior Vice President, GuyCarpenter. £ Mr. Hudson added, "We are pleased that we now have the ability tocompletely remove paper from the claims process. For the first time,there is immediacy in the claims adjustment process, giving ourclients primary access to their reinsurers and allowing Guy Carpenterfurther opportunities to provide a superior claims service." £ Guy Carpenter and Amlin launched their ECF initiatives as part ofthe London Market Principles (LMP) market reforms programme, whichoutlined a broad programme for improving claims processes,facilitating faster decision-making and providing improved claimsservice to their clients. £ Guy Carpenter & Company, Inc. is the world's leading risk andreinsurance specialist and a part of the Marsh & McLennan Companies,Inc. Guy Carpenter creates and executes reinsurance and riskmanagement solutions for clients worldwide through 2,600 professionalsacross the globe. The firm's full breadth of services includes 16centers of excellence in Accident & Health, Agriculture, AlternativeRisk Transfer, Environmental, General Casualty, Investment Banking*,Life & Annuity, Marine & Energy, Professional Liability, ProgramManager Solutions, Property, Retrocessional, Structured Risk, Surety,Terror Risk, and Workers Compensation. In addition, Guy Carpenter'sInstrat(R) unit utilizes industry-leading quantitative skills andmodeling tools that optimize the reinsurance decision-making processand help make the firm's clients more successful. Guy Carpenter'swebsite address is www.guycarp.com. £ Amlin plc is a recognised leader in the London insurance andreinsurance market, providing a global client base with riskmanagement solutions. Amlin specialises in four business areas:Aviation; Marine; UK commercial; and International property andcasualty insurance and reinsurance. A FTSE-250 quoted company, Amlinowns 100% of its GBP 1bn capacity for 2006, which is written throughLloyd's Syndicate 2001. Amlin's Syndicate is rated 'A' (Excellent) byAM Best and 'A1' (Stable) by Moody's. £ In November 2005, the company established Amlin Bermuda, areinsurance business capitalised at US$1 billion and rated A-(Excellent) by A.M. Best and A by Standard & Poor's. £ * Securities or investments, as applicable, are offered in the (i)United States through MMC Securities Corp., a US registeredbroker-dealer and member NASD/SIPC, and (ii) European Union throughMMC Securities Ltd., regulated by the Financial Services Authority forthe conduct of investment business in the United Kingdom. Reinsuranceproducts are placed through qualified affiliates of Guy Carpenter. MMCSecurities Corp. and MMC Securities Ltd. are affiliates of GuyCarpenter. Copyright Business Wire 2006Related Shares:
Aston Martin Lagonda