Vitesse have partnered with Lloyd’s and LIMOSS to operate an integrated funding and payment solution enabling fast payouts to claimants worldwide.
Send funds with ease and speed in most destinations and currencies around the world.
Streamline the funding of claims operations, eliminating the need for large loss funds
MA, Broker and DCA can see loss fund balances and payment logs at any time
The FCP solution is being implemented across the entire Lloyd’s marketplace. To monitor the project framework and track its progress, you can visit the LIMOSS site.100% of Lloyd's MAs are contracted for FCP.
Meet or exceed your customers’ expectations by paying claims faster.
View and control your loss funds in real time; Define access rights and validation rules for delegated authorities.
Loss funds are held in tier-1 bank partners in regulated markets and protected through annual safeguarding audits.
With FCP, Loss funds are topped up automatically on a weekly basis, minimising the need for cash calls.
Weekly automated top ups allow for a reduction in committed liquidity, freeing up capital to invest back into your business.
MA holds small liquidity balances with Vitesse, automatically topped up as needed.
DCA approves a payment; the liquidity is pulled from the MA funding account(s) depending on the percentage split on the binder.
The funds are delivered to the claimant as quickly as possible, ranging from a few seconds to 1 or 2 days for the most complex destinations.
Dave Hausch
President, Hausch and Company