istock-464899562
5 July 2019Insurance

Lloyd's partners with Brit, Liberty, Sirius and LMA on new tool to improve insurance contracts

Lloyd’s of London has launched a new software tool, developed in partnership with the Lloyd’s Market Association and four Lloyd’s managing agents, including Brit, Liberty Specialty Markets and Sirius International, to improve the quality of insurance contract review across the world.

It will benefit insurers in the Lloyd’s market by reducing administration and claims costs, thereby improving profitability. For customers it would mean fewer disputes, faster claims resolution and lower policy costs.

The new tool, Contract Confidence, uses advanced search techniques to scan contracts and check for errors and discrepancies. It runs checks against 1,400 open market rules (regulatory, tax and Lloyd’s advisory) and highlights where the contract has failed or may have failed a check.

It also offers the functionality for underwriters to set their own rules, so that risks with exposures outside of appetite can be identified quickly and comes pre-populated with the full set of clauses from the new Lloyd’s Wordings Repository.

Contract Confidence is scalable and has been developed to accommodate the changing risk appetites of the Lloyd’s market.

Jon Hancock, Lloyd’s director of performance management and the executive sponsor of Contract Confidence, said: “We wanted to build a tool that delivered precisely to the unique requirements of the Lloyd’s market. That’s why we’ve worked with four Lloyd’s managing agents throughout the build process of Contract Confidence. What we have ended up with is a solution that will greatly improve the contract certainty for customers and reduce costs for underwriters. This is a great example of Lloyd’s and market participants working together to leverage technology, reduce unnecessary costs and deliver better outcomes for customers.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Tokio Marine snaps up Australian underwriting agency from IAG

German insurer bids for Brazilian firm’s auto and P&C portfolio

Two Carribean governments take up ‘pioneering’ parametric fisheries insurance

Insurtech Guardhog unveils new blockchain-powered cover for homesharing economy

Ridgecrest in California hit by 6.4 magnitude earthquake: CEA

Save £600 with the Intelligent InsurTECH Europe Super Early-Bird rate:  Book now

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
10 July 2019   Specialty re/insurer Brit has hired Garick Zillgitt from Swiss Re and Justin Magee from Redstone Underwriters to strengthen its casualty portfolio in the US.
Insurance
8 July 2019   Specialty re/insurer Brit has appointed James Patterson and Ryan Mimmo as vice president, cyber & technology, for Brit Global Specialty USA (BGSU).
Insurance
3 July 2019   Lloyd’s of London published a modernisation plan in May and the market’s CEO John Neal is now pushing to convince all stakeholders that change must be fast and decisive or they’ll risk losing out.