Lloyd’s has announced the launch of Contract Confidence, a tool which leverages advanced search techniques to scan contracts and check for errors and discrepancies.
For example, the tool is able to run checks against 1,400 open market rules and highlight where the contract has failed or may fail 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.
Lloyd’s says this new tool benefits customers by creating more right-first time contracts, which means fewer disputes, faster claims resolution and lower policy costs.
The software 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.
“We wanted to build a tool that delivered precisely to the unique requirements of the Lloyd’s market,” said Jon Hancock, Lloyd’s Director of Performance Management and the executive sponsor of Contract Confidence.
“That’s why we’ve worked with four Lloyd’s managing agents throughout the build process of Contract Confidence. What we have ended up with is a solution that will greatly improve the contract certainty for customers and reduce costs for underwriters.”
“This is a great example of Lloyd’s and market participants working together to leverage technology, reduce unnecessary costs and deliver better outcomes for customers.”