Solutions

Faster Claims Payment (FCP)

A funding and payment solution, providing fast and direct payment of claims

What is FCP?

FCP is a solution designed to provide fast and direct payment of a claim to a policyholder and avoid the administrative burden of loss funds. The solution facilitates direct access to insurer funds via the Vitesse payment platform, decreasing any delay in payment. 

FCP was launched in September 2022, and since then 53 of 54 eligible managing agents have signed up to the service, representing more than 98% of delegated authority gross written premiums at Lloyd’s. 

A woman with a clock behind and money going towards her

Benefits

Better visibility

Provides real-time visibility and control over claims payments.

Reduction in third party costs

Reduces costs to delegated claims administrators.

A modern platform

Improves fund availability and top up mechanism using a modern payment platform.

Enables streamlining

Removes cash call requests made to insurers, reducing friction and operational challenge.

Improved and efficient processes

Reduces effort to set up loss funds and participation in cash call processes for brokers.

User journey

FCP is used in the delegated authority claims journey.

Delegated authority claims 

First notification of loss (FNOL)

  • A man making a claim on his laptop
    Customer makes a claim to the delegated claims administrator
    FCP not applicable to this step
  • Money being sent from one person to another
    Delegated claims administrator approves the claim and initiates the payment, if within approval limits

    Payment is authorised through Faster Claims Payment (FCP) from funds held by insurers within the solution, and customers are paid directly in local currencies and in a payment method of their choosing without delays driven by loss fund reconciliation

Delegated claims administrator reporting 

  • Man looking at payments on laptop screen
    Delegated claims administrator adds a record of the claim payments made within the month as part of the bordereaux
    FCP not applicable to this step
  • A man on a computer sending a document
    Delegated claims administrator sends the bordereaux for agreement

    The Digital Processing Platform (ICOS) facilitates both bordereau submission and API driven submissions

Bordereaux processing

Agreement

  • A man at a desk on a computer
    A bordereaux approval transaction is created for agreement
    FCP not applicable to this step
  • A woman at a desk on a computer with an eye, question mark, and tick icons above her
    Insurer reviews the transaction, will raise any queries, and then agrees it
    FCP not applicable to this step

Bordereaux processing

Digital processing and replenishment of funds

  • A woman doing technical checks on three computers
    Technical checks are completed for accounting purposes
    FCP not applicable to this step
  • Transfer of money between two people on computers
    Fund transaction is created, funds are replenished if required and the monies are moved accordingly

    The Digital Processing Platform (ICOS) enables better tracking of financials as the ledger record can be tracked and there is a record of all payments

Reconciliation

  • Woman looking at laptop screen
    Insurer reconciles incoming accounting transactions
    FCP not applicable to this step

Further information

Discover more information on FCP, including support and guidance.

Find out more

Get adoption ready

Blueprint Two will be delivered in two phases. The target launch date for phase one is October 2024, and all firms must adopt the new digital services.