London Market Initiatives
Hermes Law in London
Our Alignment with the London Market Initiatives
The Lloyd’s & London Market Regulatory environment is developing at a rapid pace with requests for enhanced Data and Management Information from Insurers at the core. Efficiency and Transparency from all approved third parties has become a key focal point for many if not all insurers who have historically been provided little or no data from appointed third parties.
Hermes Law’s custom case handling process provides complete transparency of activities, hourly rates, and budgets with the ability to present all this information on a customized bordereau. This process allows insurers to compare Hermes Law’s service delivery against its competitors on all aspects including budgeting accuracy and average case life.
Project Gemini
Problem:
To date, the Market holds no central performance data on Legal Experts, yet, collectively, last year Lloyd’s syndicates spent $1bn on third party experts worldwide.
With the lack of objective data upon which to measure market relationships with attorneys, the market is left with a subjective approach to measuring quality. The current state of affairs allows for unhealthy professional and commercial relationships that lack transparency and accountability and therefore allow for complacency, stagnation and impedes any hope of continual process improvement and innovation.
If there is no measure of quality that has a basis in objective fact, how can there be a foundation on which to pursue improvement? How can one service provider be compared to another? How can the buyer know when it is time to make a change?
Solution:
A market wide agreed-upon set of Performance-based measures, management information, analytics and intelligence, in order to improve data on, and support the oversight of, experts and to identify the opportunities to enhance the legal service provider model via technology and data.
By instituting this standard, the market will have law firm partners that are collecting and reporting on the relevant data and, in turn, the market will be able to properly select and oversee its counsel.
This benefit, in and of itself, is an adequate basis to merit this change. An additional, and potentially just as impactful, outcome will be the opportunity for the market to enter into a relationship of continuous process improvement.
With these key measures, the next step will be capturing data from actual performance and benchmarking against these measures. With that data, relationships will need to be reviewed and monitored.
Why Hermes Law:
We have been recognized by the LMA as one of the only Law Firms dealing with the Lloyd’s and London Market that are driving impactful change via cost savings and efficiencies by utilizing data and analytics to disrupt the aged relationships between law firms and clients through the Hermes Law Case process.
Our Collaborative Approach with Industry Committees
We remain devoted to developing strong relationships with committees such as the LMA, BIBA and the CII in order to help drive change in the Legal industry and encourage all players in the Lloyd’s Market to challenge the current service model, using the our process as an example that it can and is being done, faster, better and cheaper using the metrics we are capturing and the analytics we are developing.
Our Interaction with TPAs and MGAs in the U.S.
We understand the importance of building strong relationships with all parties in the insurance chain, including Third Party Administrators and Managing General Agents. We continue to work extensively with both TPAs & MGAs on customized reporting that can be integrated with their claims data which they provide to insurers and Is Lloyd’s-compliant. Understanding the pressures they are under to produce detailed and meaningful management information for the Lloyd’s & London Market, the custom case handling process and the data provided is a service differentiator that adds value in cost savings and a reduction on time spent preparing MI.
Contact
Email us at fileintake@hermes-law.com.