Rightpath for Lloyd’s Faster Claims Payments

Rightpath Insurance Solutions confirms its claims brands, Rightpath Claims and Sentry Solutions are primed to deliver Lloyd’s Faster Claims Payments (FCP) for reduced payment times and greater customer satisfaction.

The quicker payments possible via FCP reduce the financial strain on policyholders, particularly in times of crisis, thereby reinforcing trust in the insurer.

Under the FCP model, claims payments are streamlined through the use of digital technology and centralised banking infrastructure. Traditionally, claims payments involved multiple layers of approval and processing, often leading to delays. The FCP model simplifies this by allowing funds to be disbursed more quickly through a single, central platform, reducing administrative burden and cutting down on payment times significantly.

For insurers, the implementation of the FCP model means improved operational efficiency, as they can settle claims faster and with greater transparency. This not only enhances customer satisfaction but also strengthens insurers' reputations in a highly competitive market.

As with many innovations elsewhere in the insurance sector, widespread adoption has been an ongoing process rather than an immediate shift. One of the challenges to broader adoption has been the need for other market participants to adjust their internal systems and processes to align with the FCP framework, within an industry that has historically relied on more traditional methods.

By comparison, and by remaining digitally agile to continually enhance its services, Rightpath is subsequently already offering Lloyd’s FCP to the insurers it supports as a service upgrade.

For more information about claims administration services and FCP at Rightpath, contact us today on: 01268 214096, or email: marketing@rpisolutions.com

For more information about FCP, visit: https://www.vitesse.io/what-we-offer/fcp-faster-claims-payment