In its search for ways to “make it easier for underwriters and brokers to ensure that insurance contracts are right first time,” Lloyd’s has begun testing a new system that will check insurance slips automatically.
A “user group of market practitioners” is currently testing the Wordsensa technology, supplied by Adsensa, a London Market supplier of slip and policy checking tools, on a two-month trial basis.
The technology being assessed automatically checks slips against a standard set of rules provided by Lloyd’s, and reports back immediately on any areas that are filled in incorrectly or missing. Lloyd’s said the technology means its “managing agents will have greater confidence that all slips are being checked in line with Lloyd’s quality checks, and is expected to make the whole process much faster and more efficient once fully developed.”
If the pilot is successful, it will make it easier for experienced staff in the market to check slip quality, and ensure that accurate contracts are issued much earlier in the process. It will also be rolled out to the rest of the market.
The pilot is part of Lloyd’s Pre-Bind Quality Assurance (PBQA) initiative, which follows on from the market’s successful development of Contract Certainty procedures, and aims to ensure that all Lloyd’s contracts satisfy quality criteria
Rolf Tolle, Lloyd’s Franchise Performance Director, indicated: “It is our job at Lloyd’s to provide the market with the most suitable technology for it to operate as efficiently and cost-effectively as possible. In today’s increasingly competitive environment, it is vital that we provide the best service we can to the customer, and ensuring that contracts are right first time will be a big step towards achieving that.”
Martin Anderson, Development Director at Adsensa, expressed his delight at working with Lloyd’s on the project. He explained that the “solution should assist brokers’ and Lloyd’s Managing Agents’ underwriting personnel to ensure that contracts meet quality standards more rapidly and more efficiently, thereby reducing the costs of doing business at Lloyd’s.”
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