Due to the subscription (shared risks) nature of the London Market, insurers and managing agents have no insight into the usage, cost or value of the experts utilised on their claims. In addition, Lloyd’s Minimum Standards expect managing agents to have a robust procurement, contract management and audit process in place for the experts they use in the adjustment of their customers' claims. With neither of these key elements in place, the Lloyd’s Market Association decided to undertake an RFP exercise on behalf of its members to source a solution.
The contract was signed in February 2018 and the business requirements signed off by the end of April 2018. They system was built using agile methodology over the summer and went into market testing in September and was deployed live in November 2018. The platform is currently used by 36 insurers, managing over 600 regularly used expert relationships.
Advent secured the extension to the Gemini platform in 2019. Phase II focused on adding the following functionality:
· 2-way API to/from insurer systems to select and instruct experts in their own systems environment
· Gemini to instruct experts on each case
· Expert to upload all invoices relating to each claim (interim and final)
· Invoice validation and routing to insurer systems for approval
· Management of queries and rejections
· Collection of fees from the insurers participating on the risk
· Payment of approved invoices to experts
· Reporting and analytics for insurers, experts and the LMA