How Vanguard Transformed Claims Payments with FCP

In 2021, Vanguard Claims Administration (VCA), a leading U.S.-based third-party administrator specializing in P&C claims management, became an early adopter of Vitesse's FCP payment solution during Lloyd’s pilot program.  

Powered by Vitesse, FCP automates the loss fund replenishment process based on actual claims payments – thereby removing the dependency on traditional bordereaux cycles. The platform gives Managing Agents (MAs) direct control and real-time visibility over claims payments, while eliminating the need for cash calls, simplifying liquidity management and reducing administration burdens and delays.  

Prior to FCP, Vanguard – like all TPAs - faced liquidity issues that required cash calls whenever balances ran low. On average, these cash calls took 16.5 business days to process, creating delays and slowing payments to policyholders when they need it most.  As a digital-first TPA with a reputation for dedicated, meticulous claims handling, Vanguard was eager to adopt FCP and streamline operations and enhance customer experience.  

Since adopting FCP, Vanguard has realized several benefits:  

• Removal of cash calls – Loss fund accounts are automatically replenished with funding available to use immediately removing delays in paying Customers at their time of need.

• Greater visibility and clarity –  Upper payment limit highlighted providing clarity on the authority levels within the contract.

• Improved month-end reconciliation, as fees can be pulled down quickly and accurately.  

“FCP brought us increased communication across the entire chain—syndicate, broker, and DCA,” noted Vanguard. “It has allowed us to process payments faster and deliver a better experience to policyholders.”  

Transitioning to FCP was made seamless thanks to close collaboration between Vanguard, Vitesse, brokers and syndicates.  Vanguard recommends discussing with MAs that have expertise with FCP to determine best practices for transition.

With FCP, Vanguard isn’t just improving claims efficiency—it’s helping redefine how digital-first TPAs partner with the Lloyd’s market and Vitesse to create a faster, more transparent future for claims payment.

To learn more about FCP, contact [email protected]

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