Vitesse and PwC partner to modernize delegated insurance fund management

Vitesse and PwC have put delegated authority fund management in the crosshairs, with a partnership aimed at the unglamorous plumbing that keeps insurers, MGAs, and TPAs moving money, reconciling balances, and recovering funds. The June 18 announcement focused on loss fund management, cash visibility, treasury control, and operational efficiency, a reminder that the back office still has plenty of room to modernize.

The pitch is practical. Vitesse said the collaboration is designed to help insurers return lost funds more quickly, reduce fraud risk through tier-1 banking relationships, lower transaction and foreign-exchange costs, and improve visibility over held balances. PwC brings the consulting side of the equation, and its U.S. insurance practice says it helps property and casualty carriers shape transformation strategies and roadmaps across billing, claims, policy administration, and underwriting. That combination matters because delegated authority programs rarely fail for lack of underwriting sophistication. They bog down when cash movement, bordereaux, and settlement workflows sit in disconnected systems.

The timing also lines up with a live operating model already in market. Lloyd’s Faster Claims Payment pilot ran from July 2021 through March 2022 and included 3 managing agents, 2 delegated claims administrators, and 4 brokers. Lloyd’s said the platform was selected through an RFI and developed with a working group of managing agents and brokers. By November 2025, the service had been extended for at least three more years, with full enrolment from managing agents and more than 700 live binders in use.

The numbers behind the program show why this category is getting more attention. Lloyd’s materials said annual average delegated-authority payments over the previous five years were £7.6 billion. A later update said FCP had processed 31,062 payments and generated £132 million in payments by 29 October 2024. Lloyd’s market performance chief Rachel Turk was cited as saying $2.3 billion, or £1.7 billion, in loss funds were being held to pay claims, and Vitesse said FCP could reduce that amount by up to 80%, freeing capital for investment and new underwriting.

Vitesse also leaned on the scale already built into the service. Lloyd’s materials said FCP can pay claims in more than 100 currencies and across more than 170 countries and territories, while later materials said funding accounts could be held in 14 currencies. That makes the PwC alliance look less like a one-off consulting tie-up and more like an effort to turn delegated authority payments into durable market infrastructure, where better visibility and tighter control can directly improve profitability.