Xchanging Signs Contract with Marketform to Provide Back-Office Claims Service
News Release -- June 01, 2016
London, 01 June 2016 - Xchanging, a CSC Company (NYSE: CSC), today announced a major multi-product contract to provide back-office claims adjusting and administration services to Lloyd’s managing agent, Marketform. This is the first contract Xchanging has completed since it was acquired in early May by CSC.
Xchanging will provide Marketform with delegated lead and claims administration services, which will allow Marketform to leverage Xchanging’s extensive claims operations and implement a market leading, customer-centric claims solution. This announcement follows the recent appointment of Sharon Long as Marketform’s new claims director.
The solution, which will go live today, will enable Marketform to develop a more efficient claims model while adding more capacity to an experienced in-house team led by Long.
“We have made clear our commitment to making Marketform a more data-driven business and improving operational efficiency, while retaining a core focus on excellent service for our clients. Our agreement with Xchanging fulfils each of these key objectives,” said Martin Reith, chief executive officer, Marketform Managing Agency Limited. “By working with Xchanging on our claims function, we will be able to respond more quickly to the needs of our brokers and insureds, ensure a leadership role in the modernization taking place in the marketplace and better adapt to the increasing regulatory requirements. This deal will also give our high-quality, in-house team much needed support and capacity as we expand into new lines.”
“By being agile, flexible and focused, we have executed this project within seven weeks, from the initial call to signing the contract,” said Kerry Rainer, director of Xchanging’s claims services. “This is significant because it means faster time to value for our client.”
Rainer added that “Xchanging has the largest professional adjusting claims team in the London insurance market. Our claims specialists share the greatest expertise across all Lloyd’s risk codes, enabling us to provide Marketform with an excellent multi-class, multi-product, multi-region service.”
The contract represents an important step in the evolution of Xchanging’s claims management service, demonstrating Xchanging’s long-term commitment to providing flexible claims services and to supporting its global insurance and reinsurance customers.
Marketform acts as a managing agent for Syndicate 2468 at Lloyd’s and underwrites specialist lines products including accident & health, cargo, financial lines, mergers & acquisitions, marine energy and liability, marine hull & war, bloodstock, political risk, professional indemnity and terrorism.
About Xchanging, a CSC Company
Xchanging provides technology-enabled business solutions to organizations in global insurance and financial services, healthcare, manufacturing, real estate and the public sector. With deep expertise and leadership in property and casualty insurance and wealth management business processing services in the London insurance market, Xchanging, has been recognized as the No. 1 provider of services and technology since 2001. CSC and Xchanging together create a new leader in technology and business process services for the global insurance industry. http://www.xchanging.com/us
Marketform is a UK and international specialist insurer and is a member of Great American Insurance Group. The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (NYSE:AFG) an insurance holding company, based in Cincinnati, Ohio with assets of approximately US$50 billion.
Operating in the Lloyd's market, Marketform underwrites a broad range of specialty, casualty and marine classes of business on a direct and reinsurance basis, as well as through delegated authorities. Marketform is headquartered in Gracechurch Street, London, UK. For more information, please visit www.marketform.com