Lloyd's considers ways to make it easier for underwriters to ensure insurance contracts are right first time...
Lloyd's is looking at ways to make it easier for underwriters and brokers to ensure that insurance contracts are right first time by piloting technology that will check insurance slips automatically.
Working with a user group of market practitioners, Lloyd's has teamed up with Adsensa for a two-month pilot of its Wordsensa technology.
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. This means that Lloyd's 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.
Rolf Tolle, Lloyd's franchise performance director, said: “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.”
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