The market will move closer to hitting contract certainty targets by improving data standards and using the technology available, according to a senior industry figure.

Martin McLachlan, managing director of Polaris, said in the minority of cases brokers were still waiting 300 days for policies to be delivered by insurers.

And in 17% of cases policyholders were forced to wait between 200 and 300 days for the cover documentation, he said.

He suggested that industry standards on contract certainty could improve if processes improved.

Imarket, he added, aims to set the benchmark in this area.

He said: "The work we do is essential to standards and process improvements."

McLachlan also claimed that research has uncovered a huge proportion of error rates in data, particularly in the Lloyd's market.