Three Lloyd's of London syndicates – Amlin, Atrium and Chaucer – are the first managing agents to sign up to the shared services platform.
The new service is aimed at making it easier for brokers to do business with service companies on the Lloyd’s Asia platform by providing a single point of contact for back office functions, easier payment processing and cost reductions.
“The centralisation of business processing will optimise operational efficiency, reduce expenses and makes it easier for brokers to do business with service companies in Singapore," said Kent Chaplin, the Lloyd’s group's head of Asia-Pacific.
Unlike many other insurance brands, London-based Lloyd's is not a company, but a market where its members join together as syndicates to insure risks.
The new service is designed to make transacting insurance in Singapore more cost effective and efficient, allowing Lloyd’s service companies to focus on growing their business and market share without a consequential increase in costs.
Lloyd’s Asia plans to expand insurance services during the course of 2014 by offering claims processing and subscription support.
Greg Carter, director of market services at Capita Insurance Services, said: “We believe it will transform business processes for Lloyd’s in Singapore, providing a springboard for their significant growth in this dynamic insurance market."
Capita Insurance Services, a wholly owned subsidiary of Capita plc that is listed on FTSE 100, counts itself among the leading business process management providers to the insurance industry in the United Kingdom. The company has 2,400 staff operating from 17 locations, including in France, Denmark, Poland, India and Singapore.
