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.
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.
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.
FCP is used in the delegated authority claims journey.
Delegated authority claims
First notification of loss (FNOL)
Customer makes a claim to the delegated claims administratorFCP not applicable to this step
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
Delegated claims administrator adds a record of the claim payments made within the month as part of the bordereauxFCP not applicable to this step
Delegated claims administrator sends the bordereaux for agreement
The Digital Processing Platform (ICOS) facilitates both bordereau submission and API driven submissions
A bordereaux approval transaction is created for agreementFCP not applicable to this step
Insurer reviews the transaction, will raise any queries, and then agrees itFCP not applicable to this step
Digital processing and replenishment of funds
Technical checks are completed for accounting purposesFCP not applicable to this step
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
Insurer reconciles incoming accounting transactionsFCP not applicable to this step