27/06/2007 – 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 leading suppliers of slip and policy checking tools � to provide underwriters and brokers with access to Wordsensa QA technology. This helps experienced underwriting and wordings staff to check slips against a standard set of rules provided by Lloyd�s.
Reports are generated immediately, confirming where the slip meets the checks and where it does not. This facility offers Lloyd�s managing agents and brokers the opportunity of having greater confidence that slips are being properly assessed.
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 – one of the firms that took part in the pilot – 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.”
- The Lloyd�s market-wide deal enables all managing agents to implement semi-automated checking using Wordsensa QA and provides the tools to perform their own internal checks. Each firm is licensed to install the software and will have access to a single set of encoded rules created by Lloyd�s, that explicitly articulate the Lloyd�s QA Tool checks to ensure a consistent standard of checking across the risks placed at Lloyd�s. Alternatively, managing agents can retain a service provider capable of undertaking semi-automated checking under the same licence provision, including Capita and Xchanging.
Adsensa, www.adsensa.com, is a company that develops intelligent software for making sense of text, paper and PDF documents and is a world leader in technology that helps businesses assure the quality and conformance of contractual documents. Adsensa is committed to developing the best possible document analysis tools to meet the Insurance industry�s evolving needs. The team of top software specialists at Adsensa has more than 140 years� experience in creating software for sectors including insurance, law and government. Coupled with technical expertise is a sound understanding of the challenges faced in defining and delivering solutions which are fast and practical to use. Team members have a track record of solving technical problems previously thought too difficult to tackle.
- Wordsensa QA
Lloyd�s has defined the Quality Assurance checks required for the Lloyd�s market and made these available through the Lloyd�s QA Tool. Adsensa is working with Lloyd�s and firms across the market to distil these checks into a rigorously defined set of rules which can be automated through the Wordsensa QA software to enhance the checking procedures undertaken by experienced underwriting and wordings professionals.
Lloyd’s is the world’s leading specialist insurance market with a capacity to accept insurance premiums of more than �13.7 billion in 2005. It occupies sixth place in terms of global reinsurance premium income, and is the second largest surplus lines insurer in the US. In 2005, 62 syndicates are underwriting insurance at Lloyd’s, covering all classes of business from more than 200 countries and territories worldwide. More about Lloyds at www.lloyds.com Lloyd’s is regulated by the Financial Services Authority.