Xchanging, the business processing services company, has announced the launch of Model Wordings Library (MWL), anticipated to be the London insurance market's first web-enabled wordings repository.
Xchanging said MWL has been created for insurers and insurance intermediaries to support contract certainty.
The company said MWL has over 13,000 of the most commonly used wordings, clauses, policy forms and schedules in the London insurance market.
David Andrews, chief executive officer of Xchanging, said: “Xchanging has long-recognised the importance of the wordings library to the Market, and I am certain MWL will help maximise accuracy and efficiency in the writing of insurance documentation.
"I believe MWL is the best-in-class wordings database available to help the Market move towards contract certainty.”
