Insurtech-Led TPA, Advent Claims, to Administer Claims for Principia Underwriting
Advent Claims, the insurtech-led claims third party administrator (TPA), announced it has signed an agreement to administer all claims for Aquila Underwriting-backed MGA, Principia Underwriting.
Principia, which previously managed claims in-house, will implement Advantage, Advent’s proprietary claims management system, to manage claims arising under its 11 binders. Principia’s portfolio contains mainly professional lines risks, predominantly cyber and media related.
Because Advantage captures all the information required for regulatory purposes, this will enable Principia to provide efficiently all data required by regulators. Using straight-through processing, Advantage eliminates errors, saves time, and reduces costs for all parties, said Advent, noting that it also significantly speeds claims payment times.
“I am extremely pleased to announce that Principia has appointed Advent to manage its claims function,” said Jerry McArthur, managing director, Advent Claims.
“This demonstrates Advent’s ability to manage a broad range of U.S.-exposed professional lines risks, including media, professional indemnity, E&O and cyber. We look forward to assisting Principia in achieving greater efficiency and transparency while dramatically easing the burden of regulatory reporting,” McArthur added.
“The decision to outsource our claims function led us to review many propositions, and Advent’s was by far the most compelling,” said Chris Newton, managing director, Principia Underwriting.
“Advent is an experienced TPA and provides the highest levels of service via its IT platform,” Newton affirmed. “It complies with all FCA [Financial Conduct Authority], Lloyd’s and Solvency II Pillar 3 reporting requirements, which was critical for us. This proven and innovative service will ensure we continue to meet all operational, regulatory and data reporting requirements both now and in future.”
Source: Advent Claims