All Lloyd’s managing agents are responsible for ensuring that Lloyd's contract quality requirements are met when issuing insurance contracts. Lloyd's brokers also have an interest in ensuring that their document preparation and placement processes support compliance requirements and reduce administration and claims costs.
Contract confidence covers both open market and binding authority checks, with the ability to build your own company rule sets. It simplifies this process and creates time efficiencies for underwriters and brokers to focus on delivering a better service for clients and ensuring greater contract certainty. Some of the key features of the system are outlined below:
Document comparison
Fast, automated checks to flag potential changes or errors in contracts, with an 80% reduction in false alerts compared to the market leading product.
Quality assurance checking
Improve compliance efficiencies by running Lloyd’s pre-bind quality assurance checks in the application.
Wording check-in
Promote best practice with checks against Lloyd’s revamped Wordings Repository or managing agent approved clause libraries.
Risk appetite flagging
Create custom rules to flag documents/wordings that conflict with your own risk appetites or underwriting strategies.
Hot Topics
Search documents and be alerted to hot topics or words that you need want to be aware of in a contract
