Facility will increase accuracy, consistency and speed of checking process
Lloyd’s is providing underwriters and brokers with the opportunity to use technology to provide automated support for checking insurance slips.
The world’s leading specialist insurance market has teamed up with Adsensa, one of the London Market’s major suppliers of slip and policy checking tools, to provide underwriters and brokers with access to Wordsensa QA technology.
Reports are generated immediately, confirming where the slip meets the checks and where it does not. This helps experienced underwriting and wordings staff to check slips against a standard set of rules provided by Lloyd’s.
The move follows successful pilots of the technology which showed that experienced Lloyd’s market personnel achieved improved levels of accuracy, consistency and speed in the checking process when using the technology.
Rolf Tolle, Lloyd’s Franchise Performance Director, said:
“This technology will help Lloyd’s businesses to carry out a higher level of quality control on contracts and provide a first class service to our customers. It marks a significant step forward in ensuring that our processes are faster and more efficient, and that we are as competitive as possible.”
Jonathan Matthews, Head of Risk Management at Beazley said:
“This is an exciting development for Lloyd's managing agents. Wordsensa QA should help underwriters further streamline their review of contract documentation.”
Lloyd’s has licensed Wordsensa QA on behalf of managing agents as part of Lloyd’s Pre-Bind Quality Assurance (PBQA) initiative, which builds on the market’s successful development of procedures to ensure contract certainty.
Wordsensa QA is also recommended to brokers and service providers creating or checking slip documentation and can be readily accessed under licence from Adsensa Ltd.
John Mountford, Co-founder and Director, Adsensa, said:
“Improving the transparency of the checking process and increasing slip accuracy will assist managing agents and brokers in the issuance of insurance documentation within 30 days of placement, ensuring clarity for customers regarding the services they are buying.”
