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A NEW WAY TO SETTLE CLAIMS

Faster Claims Payment

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Despite the digital transformation we are seeing within the insurance market, it can still take up to 14 days to settle a claim.

In a world of real-time, customers expect to see the same speed and seamless experience with their claim experience. 

Our success so far

Faster Claims Payment (FCP) is the new funding and payment solution, created by Vitesse and Lloyd’s, that delivers fast and direct claims payments to customers.

Processed

5,500

payments delivered

Payments

$18 million

paid out

Automated

Over 20

automated cycles completed

With faster claims payment you benefit from

Better Customer Experience

Deliver a seamless customer experience by paying claims in real time.

Centralised Funds View

Have real-time visibility, control and flexibility in your capital management and benefit from associated account and transaction fee reduction.

Funds in Regulated Environment

Funds are held in a regulated environment with all funds protected through safeguarding with annual audits.

No More Cash Calls

Using our platform, claims payments are drawn from insurer funds, removing the need for loss funds and required cash calls.

80% Funds Returned to Your Business

Automatic sweeps to fund claims payments facilitate an 80% reduction in committed liquidity, freeing up funds to invest back into your business.

No More Cash Calls

Using our platform, claims payments are drawn from insurer funds, removing the need for loss funds and required cash calls.

80% Funds Returned to Your Business

Automatic sweeps to fund claims payments facilitate an 80% reduction in committed liquidity, freeing up funds to invest back into your business.

“The TPAs and Coverholders using the FCP solution said it made a world of different to them. They were explaining to us how this could be an absolute game changer and the beginning of the elimination of the clunky mechanism that we have in place right now.

I’m really proud that the market worked on this in collaboration, to embrace technology, automation and challenge the status quo.”

Sheel Sawhney
Group Head of Claims - Brit

“FCP removes several steps, allowing us to decrease the time to pay claims and increase financial accuracy.”

Dave Hausch
President - Hausch & Company

“Month-end reconciliation went smoothly and any process changes didn’t require any additional time, and were worth it for the overall saving in effort and workflow improvement.”

Van Miehe
Director of Finance - Hausch & Company

“We have many other binders we think are suitable for FCP once the MAs get onboard – we’re sitting on hundreds of thousands of dollars in loss funds we don’t think we need.”

Van Miehe
Director of Finance - Hausch & Company

How does FCP work?

  • MA holds small liquidity balances with Vitesse, automatically topped up as needed.

  • Liquidity pulled from each MA Vitesse account depending on % split (as detailed in binder) in real-time to fund the DCA approved payment.

  • Claimant settlement flow delivers funds in real-time.

Get in touch

To find out more about the solution and next steps, get in touch today.

To find out more about the solution and next steps, get in touch today.

Get In Touch

Additional resources

How insurtechs are driving change in insurance

Future of Lloyds

Vitesse partners with insurance goliath and LIMOSS for Faster Claims Payment solution

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