Lloyd’s of London deploys new insurance contract tool

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Improving the profitability of insurers by reducing administrative costs and claims costs is part of the promise of Lloyd’s of London’s new software tool designed to improve the quality of insurance contract reviews.

Called “Contract Confidence,” the tool checks 1,400 free market rules using advanced search techniques to analyze insurance contracts. Now available by subscription, the scalable tool was developed by Lloyd’s in partnership with the Lloyd’s Market Association and companies like Brit and Liberty Specialty Markets.

Contract Confidence comes pre-populated with the full set of clauses from the recently launched Lloyd’s Wordings Repository and also gives underwriters the ability to define their own rules.

Read more: Lloyd’s of London introduces new label repository

For policyholders, the new tool will mean fewer disputes, faster resolution of claims and lower policy costs. Lloyd’s said Contract Confidence will deliver these benefits by creating more contracts the first time.

“We wanted to create a tool that precisely meets the unique requirements of the Lloyd’s market,” said Lloyd’s Director of Performance Management Jon Hancock, who is the executive sponsor of Contract Confidence. “That’s why we worked with four Lloyd’s managing agents throughout the process of creating Contract Confidence.

“We have obtained a solution that will significantly improve contract security for customers and reduce costs for underwriters. This is a great example of how Lloyd’s and market players work together to leverage technology, reduce unnecessary costs and deliver better results for customers.


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