Members of the Lloyd’s Market Association (LMA) and the London and International Insurance Brokers Association (LIIBA) have backed a review of Lloyd’s claims management.

The LMA’s claims transformation program will audit claims files and review available software to find common standards of report writing.

In a survey of LMA and LIIBA members, more than two thirds believe the program is a “key initiative” that has helped improve the market’s turnaround times.

The study also highlights areas for improvement, with brokers and managing agents noting a need for more investment in training and development to retain and increase market share.

LMA claims committee chairman and Head of Claims at Canopius Mike East says the survey is a “positive indication of the improvements that have been made in the market’s claims capabilities, in terms of turnaround times, transparency of information and… increased client-focused approach”.

“However, there are clearly areas in which the Lloyd’s market must continue to develop and improve its claims service to meet future challenges,” he said.