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Lloyd’s Managing Agent with a Syndicate in run-off

Reinsurance debt collection

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Asset management & credit control – Reinsurance debt collection

 

Client description
• Lloyd’s Managing Agent with a Syndicate in run-off

 

The Client’s requirements
• Reinsurance recovery team to develop and implement strategy to improve broker performance and reduce value of aged unsettled balances. Ensure status maintained over long-term
• Commence commutation policy
• Provide accurate and meaningful management information on reinsurance claims position

 

Our solution
• Team of 4, working for 14 months on insourced basis within client’s London offices
• Provision and implementation of a strategy to significantly improve reinsurance claims recovery process:
  • Establish an effective broker support network, including weekly reviews with key contact
  • Liaise closely with the claims team regarding assumed claims to ensure appropriate procedures in place to resolve technical queries
  • Provide audit support to internal team to resolve contentious issues
  • Agree parameters and formats for in-depth management reporting and establish system for automated production of reports

 

Services/Value delivered
• Establishment of close ongoing working relationships with all leading brokers and numerous key reinsurers
• Provided a process for the management of technical queries, leading to resolution of many old commercial issues and enabling significant commutations to be completed
• All aged debt issues resolved, no unsettled balances over 12 months old.

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