London Market

all classes

Optimising Syndicate Claims Spend and Vendor Performance

We partner with London Market teams to transform how claims categories are structured, negotiated, and managed. Combining deep sector intelligence with complex data analysis, we deliver tailored supplier management models that protect your bottom line without disrupting critical market relationships.

The task was to rationalise the legal panel and deliver true savings. Due to complexities of Lloyd’s syndicates, getting an accurate version of legal fee spend is always the first and arguably most ardous task. Using previously defind data templates we soon had a complete view. Not just by firm and line of business, but cost effectiveness across the fee hierachies and individual legal firm offices.

Once a single blended fee by firm was established, we were able to negotiate best rates and set up a more competive structure for legal matter allocation.

We undertook a full review of the primary UK Third Party Administrator (TPA) followed by an in depth file review audit. As a result, self serving behaviours from the supplier were identified which were leading to indemnity leakage. Moreover our benchmarking data demonstrated that best value was not being obtained. New commercial arrangements were agreed to reflect a more optimum claims process which lead to substantial savings.

Similarly a data audit of the North American TPA’s showed that sub optimum claims processes were being implemented with an over reliance on use of Loss Adjusters. Revised processes and commercials were negotiated which again led to significant claims cost savings.

A full review and assessment was undertaken on all surveyors, loss adjusters and experts. Even by line of business there was no consistency in fee scales, service levels or agreed terms as all arrangements were written on supplier terms.

By providing and implementing standardised scales and agreements we were able to identify those partners that were providing a good quality service for a fair price.

Here we worked with a very talented Cyber team who had in-depth knowledge and a crystal clear vision of what the output needed to look like.

Whilst we often lead claims procurement projects due to our extensive knowledge, there are occasions where we immediately recognise we need to adopt a background supporting role. This was one of those occassions.
We provided procurement and negotiation support on a full blown RFI/RFP covering Incident Management, legal services, IT Forensics, Public Relations and other related IT providers.

We ran a formal process to find an outsourced claims solution to take low value and run off claims following an acquisition.

Each provider had very different pricing models that could not be changed and therefore we created a complex data analysis tool to be able to accurately compare costs and benchmark against internal operational costs.

Having rationalised and formalised both the panel members and the agreed fee scales, we then ran a full RFP for legal fee management providers. Once the preferred vendor was awarded the contract, we led the implementation, on all classes and territories, to enable the business to have full visibility and control of their legal spend.

We have experience of working with multiple providers of billing software.