Lloyd’s Lab, the innovation accelerator launched last year by the Lloyd’s market, has revealed the findings of insurtech ClauseMatch following the completion of its 10-week long pilot project.
ClauseMatch, a software technology company that enables financial institutions to comply with internal corporate governance documentation, was required to use state-of-the-art technology to achieve significant cost reductions in the areas of risks and compliance, as well as improve corporate governance and oversight.
During its pilot, ClauseMatch was able to reduce the time it took to refresh corporate policies and procedures; automatically cascade regulatory changes through the hierarchy of governance documentation; and use machine learning and artificial intelligence to improve readability and policy adherence.
Estimated reduction of the quantity of policies as a consequence of consolidation was estimated to be between 40% and 50%.
Furthermore, it was able to reduce the time it takes to refresh a policy from a month to within seconds.
Projected savings are said to equate to over 30%.
“There is an existing hierarchy of governance documentation: policies, standards, procedures, and controls which in all its overwhelming complexity need to be managed easily,” said Head of partnerships Anastasia Dokuchaeva.
“The key focus for ClauseMatch was to create a digital governance map for the insurance industry which would actually allow tracking everything in real time, ensuring all the documents are timely updated.”
Mark Posner, Change Program Director at Barbican Insurance Group, added, “We were very pleased to be able to work with ClauseMatch. The application addresses a genuine market issue and is highly innovative in its use of AI to help streamline compliance procedures.”
Nonna Polonskaya, Lloyd’s Lab Team commented, “I am very excited about the results that ClauseMatch have achieved while at the Lloyd’s Lab.”
“The team built strong relationships with their mentors from AXA XL, Argo Global and Barbican Insurance Group. ClauseMatch is new to the insurance so the team had a crash course on all things insurance thanks to their mentors’ expertise and willingness to help.”