Xchanging has revamped its policy-wordings database as competition hots up fin anticipation of the launch of a rival database.
The company has launched a model-wordings library to replace its CD-based model-wordings database. The library is expected to be the first web-enabled wordings repository in the London insurance market.
Xchanging said the upgraded repository could be updated daily and has a full-text search capability, enabling users to access more than 13,000 commonly used wordings, clauses, policy forms and schedules.
The CD database will be gradually phased out among its 1,700 users during 2007 and the new wordings library rolled out in coming months.
The launch comes just before the Lloyd's Market Association (LMA) sets up its own wordings database - a contract bid for and lost by Xchanging.
Sue Langley, G6 chairman and chief operating officer of Hiscox, applauded the forthcoming launch of the LMA wordings database in August.
"It is good that the market now has a choice, because before it had only Xchanging's database."
She added: "Xchanging has thousands and thousands of wordings, with an easy web-based search engine, but the advantage of the LMA database is that it has a smaller set of LMA-approved and audited wordings."
‘ A new solution to assist with modernisation in the London insurance market has been launched.
The Insurance Workplace is an internet-based service providing brokers, underwriters, risk managers, loss adjusters and other insurance practitioners with a shared collaborative service.
Formed by an alliance of Hummingbird, the Alphabet Group and Web Connectivity, the service will, the company said, support peer-to-peer communications, repository services as well as setting up and maintaining strategic relationships.