The drive to improve our processes and improve the quality of the service we provide to our customers, was recently recognised by S&P as having ‘unstoppable momentum’.
The next step in this drive is the changes to documentation and contract checking which take effect from 1 July 2007. These changes mean that stage two checks cease and that the checking of documentation will be done pre-bind, ensuring that our customers are receiving complete and accurate contracts.
The Franchise Performance team has worked closely with market practitioners, and the LMA Underwriting and Claims Committee, to agree a sensible approach to managing the risks associated with Pre-Bind Quality Assurance (PBQA).
The market bulletin (published in May) and revised underwriting standards, set out the details for managing agents. Everyone in the Lloyd’s and London market review and revise their procedures as necessary from 1 July 2007, regarding pre-bind quality assurance.
Work continues to be done on the QA Tool to assist market practitioners, brokers and service providers in their review of contracts. The number of checks has been reduced to ensure that they are directly relevant and appropriate. Enhancements will continue as practitioners use the QA Tool more widely.
This web section has been specifically designed to help you understand and manage the changes regarding PBQA. It brings together a wealth of information, tools and services. I hope you find it useful. It will be updated regularly so please keep checking the site for more information.
