London Market Expert Database upgraded with major due diligence and audit enhancements
17 January 2017
Charles Taylor Insurance Services (CTIS) has introduced additional functionality to the London Market Experts (LME) Database. The enhancements will enable London Market Carriers to use the platform to capture all required due diligence and benefit from a much enhanced shared audit function when appointing and working with third party claims administrators.
The LME Database, more commonly known as the TPA Database, was launched in 2014 by CTIS and the Lloyds Market Association (LMA) after consultation with the Binding Authority Claims Group (BACG). The database provides a central storage facility for generic TPA information and documents and allows London Market Carriers to coordinate shared audits of TPAs.
CTIS has worked with the LMA and various carriers in the Lloyd’s Market to further improve the due diligence and audit components of the LME database. TPAs will now benefit from a single set of due diligence responses, encompassing the entire Lloyd’s minimum regulatory standards, allowing the Lloyd’s Market to view responses within one database.
Due diligence question functionality
The question set has been expanded to cover key areas of the TPA due diligence process following consultation with the BACG. In addition, London Market Insurers now also have the flexibility to include additional questions to the database that relate purely to their agency and the type of business that is being delegated.
Shared TPA audits
The LME Database will now allow auditors secure access to the LME Database so that both auditors and carriers can upload a schedule of planned TPA audits. This will enable CTIS to facilitate a shared audit directly with other London Market Carriers, allowing visibility of audits scheduled while sharing costs and enabling CTIS to collect fees, streamlining the whole process.
James Savill, Business Development Director, Charles Taylor Insurance Services, said:
“The LME Database enhancements are in direct response to the feedback we have had from London Market Carriers and TPAs alike. We have worked with the LMA and various Carriers to deliver a platform that is flexible and fit for purpose for all Carriers when capturing due diligence.
“The enhanced Audit functionality simplifies the Audit process for the Carrier while providing transparent overview every step of the way. It is expected to greatly reduce the amount of time TPAs spend being audited.”
Lee Elliston, Claims Manager, Lloyd’s Market Association, said: “CTIS has implemented improvements to the LME database which will benefit the Delegated Authority market at its most challenging time. CTIS has partnered with the market and LMA to overcome and deliver short and long term objectives that play a part in modernising claims and the insurance market.”