Insurance company to set up fees database
The claims handler for insurance market Lloyd's of London, Xchanging Claims Services (XCS), has sent out letters to advisers in the City asking for details of terms and fees. XCS, which agrees claims on behalf of Lloyd's syndicates, sent letters to a number of London firms in recent weeks.
March 22, 2007 at 12:53 AM
1 minute read
The claims handler for insurance market Lloyd's of London, Xchanging Claims Services (XCS), has sent out letters to advisers in the City asking for details of terms and fees.
XCS, which agrees claims on behalf of Lloyd's syndicates, sent letters to a number of London firms in recent weeks.
It is understood that the exercise is part of a wider initiative by the company to create a database that will be accessible to all members of Lloyd's, and could pave the way for XCS to act as a lead insurer in all Lloyds claims.
Currently XCS instructs solicitors on behalf of syndicates of insurers at Lloyds.
Kennedys senior partner Nick Thomas said that XCS's role at Lloyd's had grown significantly: "In the future XCS could be a conduit for the whole of Lloyds. If it is going to be recommending any lawyers it needs to be in a position to be able to point to the experts."
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