SERVICES

Never before has the London Insurance Market faced a sustained period of flat or declining rates.  This, combined with acquisition costs running at circa 40% of GWP and continually increasing claims and compliance costs is forcing all stakeholders to focus their efforts on creating operational efficiencies and reducing costs whilst still trying to focus on the growth of the business. Advent Insurance Management is a Lloyd’s and London Market specialist service provider. We have reimagined and redefined the entire London insurance process to remove significant elements of the current, labour intensive processes allowing all stakeholders to benefit from improved service and reduced costs.

Consulting

Insurance customers’ expectations of service, speed, and value have increased significantly in recent years, so insurers, brokers, and claims professionals must change to meet them. Meanwhile reduced premiums, increased compliance, and growing claims costs place significant pressure on operating margins. But change projects in insurance regularly fail due to:

  • the cost of employing high-end consultants who often take time to fully understand the complexities of the market and the nature of the real problem
  • the tendency to jump straight to ‘silver-bullet’ technology solutions which rarely deliver the desired outcomes
  • the complexity of the end-to-end customer journey, and of the interconnectedness of each part of every business with other stakeholders in the value chain.

Advent Insurance Consulting is different. We are experienced insurance practitioners, so we already understand the sector’s business and market challenges. We know the intricacies and complexities of the insurance value chain. Clients do not expend time and money to teach us. Instead our collaborative engagements are quick and sharp, swiftly identifying desired journeys and outcomes before turning our focus to design, development, and implementation of realistic and workable solutions. We review then re-engineer businesses, engaging fully to ensure buy-in.

We deliver cost-effective solutions, not costly reports.The result is a much faster return on investment than traditional consulting and change models.

Advent Consulting Solution’s services for risk carriers, brokers, claims managers, and other in the insurance sector include:

For more information on Global or UK service offerings, please contact Parminder Kaur or Paul Bermingham on


Strategic Management Consulting

Our executive team engages with client leaders to conceive new ideas, growth strategies, and products, whether to reset a firm’s position in the digitalising market, or to explore new opportunities.

For more information on Global or UK service offerings, please contact Parminder Kaur or Paul Bermingham on


Technology & Change

Advent’s change delivery team works directly with clients and vendors to implement major technology change and transformation programmes in the following areas:

  • Change Management. We help clients roll out change cost-effectively by providing relevant expertise that maximises impact at the enterprise or business-unit level.
  • Technology Transformation. We are hands-on consultants delivering data, systems, and infrastructure services to improve time to market, increase agility, reduce costs, meet regulatory demands, and enhance customer experience. We build and test services to help deliver systems to agreed scope and benefit.

For more information on Global or UK service offerings, please contact Parminder Kaur or Paul Bermingham on


Operational Consulting

Our teams collaborate with clients to review existing operations and reinvent them to uncover new, efficient models that provide a competitive edge. We take a holistic view that delivers an end-to-end view of your world, highlighting the bottlenecks with recommendations to unblock it.

For more information on Global or UK service offerings, please contact Parminder Kaur or Paul Bermingham on


Regulatory & Compliance

We help clients meet these  demands cost-effectively by reviewing existing controls to identify gaps and overlaps, and to extract value where possible. Services include:

  • FCA readiness, conduct risk reviews, and audits
  • Internal audits and controls
  • Peer reviews, standards, and measures

For more information on Global or UK service offerings, please contact Parminder Kaur or Paul Bermingham on


Technology

The Market, its customers and stakeholders are at a crossroads.

The current business model has not changed for decades and is not fit for purpose in the modern age and certainly not for the future.

But where should this change begin and which model should be adopted? At a Market level, replacing all the legacy platforms that support the entire Market or at a Stakeholder level to create more efficient broker and carrier operations?  The established players have bigger “clunky” systems that can often be expensive to licence and even more expensive to adapt to specific requirements.  On the other hand, newer, InsurTech providers bring new thinking and technology but do not always have the Market knowledge and understanding to apply them effectively.

It is time for a radically new approach.

Advent Insurance Management has reinvented the Lloyd’s and London Market business model and made it relevant for today and appropriate for the future.  We are Market practitioners who importantly, understand the Market issues and challenges but more importantly, also have the knowledge to challenge current practices and the vision to conceive and deliver realistic alternative models to futureproof the Market and make London more attractive to do business with, well into the future.

We work with our clients to combine new thinking with new technology and (where required) work with those ‘difficult to replace’ legacy systems to provide a realistic, cost-effective and robust solution to both individual business and Market requirements.

For more information on Global or UK service offerings, please contact Paul Bermingham or Parminder Kaur on


Claims Management Systems

Delegated Claims Reinvented.

Coverholders and MGAs enjoy many benefits when working with Lloyd’s and the London Market. But its business model, tried, tested and developed over many decades, now brings challenging compliance and reporting requirements. They have been introduced as London carriers strive to meet obligations to regulators in London and the UK. Claims management is one of the most challenging areas.

AdventInsuranceManagement.com is on a mission to absorb these challenges for all stakeholders, to encourage the continuity and growth of the London insurance market.

We have reinvented the entire delegated claims model to simplify the entire process, eliminate unnecessary costs, and ensure compliance with all regulatory and other reporting requirements.

Our Advantage claims management platform manages the entire claims process across all stakeholders. Data is entered only once. Advantage validates all claims upon entry at the source, ensuring total accuracy of records and removing the need for teams of clerks and technicians to review, process and reconcile bordereaux. Advantage automatically produces all the compliance and reporting documents needed, in real time.

Advantage allows carriers, MGAs and coverholders in the delegated authority market to enjoy the best of both worlds: all the benefits of working with London and the global delegated authority market, without the onerous complexities and reporting demands.

For more information on Global or UK service offerings, please contact Paul Bermingham or Paul Argent on


Delegated Claims Reinvented

Under our Advent.claims brand, Advent Insurance Management provides a wide range of claims and related services for the Lloyd’s and London Market and the global Coverholders that they serve.  From global claims TPA services to London based back office claims services for MGAs, London Brokers, Carriers and Managing Agents

For more information on Global or UK service offerings, please contact Paul Bermingham or Paul Argent on


Global Claims TPA

Once carriers in the delegated authority market chose third party claims administrators solely based on their expertise in a particular area. Over the years, though, numerous additional requirements were added, as insurers rightly attempted to gain a competitive edge or meet an imposed requirement. TPAs began to be measured by factors including their skills in areas such as customer service, loss fund management, regulatory compliance and management reporting.

Today, with rates stagnant or falling and claims and compliance costs continuing to rise, the pressure on insurers’ operating costs has reached a critical point. The cost of reviewing, approving, managing and auditing TPAs and undertaking required due diligence, has ballooned. Insurers now need to find TPAs that can not only deliver quality technical handling, customer service, compliance and reporting, but can do so in multiple classes of business and territories. They must do so transparently, to let the carrier manage an effective yet cost-efficient panel.

AdventInsuranceManagement.com understands these pressures and has developed a next-generation TPA service that delivers to these new standards. We provide:

  • A truly international TPA network focused exclusively on the delegated authority market
  • A single global contract and service-level agreement covering all territories and classes of business
  • A single data-entry and straight-through processing system which meets all stakeholders’ needs
  • A unique, purpose-built delegated claims IT platform (Advantage) which validates all claims at source and eliminates the need for subsequent processing and reconciliation
  • On-line access by all participants to the binder or programme with reporting tools that deliver all the bordereaux and compliance reporting required in London (including above-authority escalation)
  • Advantage allows carriers in the delegated authority market to enjoy the best of both worlds: all the benefits of working with the global delegated authority market, without the onerous complexities and reporting demands.

Coverholder and MGA Support

In partnership with One Advent MGA (a trading style of Advent Solutions Management Limited), Advent Insurance Management can support the set-up and on-going operational and technical support of entrepreneurial coverholder and MGA businesses who are seeking capacity support from the Lloyd’s or London Company Markets.

Advent is providing comprehensive back-office support services to coverholders and MGAs who are acting under Lloyd’s or London Company Market delegated authority arrangements covering the required:

  • Regulatory Permissions (Appointed Representative application process)
  • Regulatory Governance and Oversight
  • Policy Administration
  • Premium Processing, Ledger and Accounting
  • Claims Management
  • Company Secretarial and Corporate Accounting

For more information on Global or UK service offerings, please contact Paul Bermingham on


London Market Back Office

Never before has the London Insurance Market faced a sustained period of flat or declining rates.

This, combined with continually increasing acquisition, claims and compliance costs is forcing all stakeholders to focus their efforts on creating efficiencies and reducing costs whilst still trying to focus on the growth of the business.

Many of these operational functions are critical to the success of the business and do not easily lend themselves to offshoring, due to the complex nature of the work and specialist knowledge required.

What is needed is a reinvention of the entire technical process encompassing policy, claims and accounting, combined with a lower cost location.

Advent Insurance Management is a Lloyd’s and London Market specialist service provider. We have reimagined and redefined the entire London insurance process to remove significant elements of the current, labour intensive processes allowing all stakeholders to benefit from improved service and reduced costs.

These reinvented service offerings, combined with our “near London” location provide a real and credible alternative in support of London MGAs, Brokers, Carriers and Managing Agents.


Advent Law

The UK insurance market continues to be impacted by rating pressures, increased competition and greater regulation.

The UK Motor and Liability markets are also subject to changes to the judicial process. Legislative reforms regarding road traffic accident personal injury claims, for example, are set to bring significant changes and may also present operational challenges and additional competitive pressures. In order to gain a competitive advantage, focus has to shift to addressing these issues through the use of technology and enhanced processes to increase efficiency, control costs through management of third parties and proactively managing the end to end claims process.

Additionally, many claims operations in the UK are split into discreet service functions – FNOL intake, repair management, third party claims management, injury, litigation, recovery, etc. Typically, some elements are outsourced and some managed in-house.

Whilst this may appear to increase efficiency of individual processes, it often detracts from overall service (especially when things go wrong) and negatively impacts cost as a holistic approach to the claim strategy is difficult to manage and leakage inevitably occurs.

Advent Law offers a holistic, integrated approach that reviews each claim at first notice and throughout the life of the claim, anticipates any likely service, legal and cost issues and eradicates these issues before they arise or puts in place a strategy to manage them in the event that they arise. This approach improves service to customers and reduces the lifespan and costs of claims. It also enables a single source of management information and reporting for all aspects of the claims and legal process.

Advent Law continues to demonstrate that there is a way to optimise claims and legal processes, invest in technology, embrace regulation as a competitive differentiator and deliver service excellence to customers. All whilst reducing indemnity, expense and litigation costs. We are an SRA regulated business with a unique combination of UK claims knowledge and in-depth Lloyd’s and London Market expertise. This provides a truly one-stop, compliant service which benefits all parties in the value chain.