The tool, Contract Confidence, uses advanced search techniques to scan contracts and check for errors and discrepancies. For example, the tool runs checks against 1,400 open market rules (regulatory, tax and Lloyd’s advisory) and highlights where the contract has failed or may have failed a check.
It also offers the functionality for underwriters to set their own rules, so that risks with exposures outside of appetite can be identified quickly and comes pre-populated with the full set of clauses from the new Lloyd’s Wordings Repository. The tool benefits customers by creating more right-first time contracts, which means fewer disputes, faster claims resolution and lower policy costs. It benefits insurers in the Lloyd’s market by reducing administration and claims costs, thereby improving profitability.
The tool was developed by Lloyd’s in partnership with the Lloyd’s Market Association and four Lloyd’s managing agents, including Brit, Liberty Specialty Markets and Sirius International.
Contract Confidence is scalable and has been developed to accommodate the changing risk appetites of the Lloyd’s market.
The tool is now available for subscription For more information visit the Lloyd’s contract confidence webpage.