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Lloyd’s wants to reduce the errors in the contracts

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9 July 2019 13:30

Lloyd’s launches a tool for the detection of insurance contracts to identify errors and anomalies using techniques of advanced research “. Named Contract Confidence, it allows you to check not less than 1 400 market rules, whether they are regulatory, tax, or specific to Lloyd’s and indicates the cases where the contract has failed or may have failed to control.

The tool, which should reduce the costs of administration and claims, also provides the opportunity to the subscribers to set their own rules to follow, so that the risks for which the exposure is located outside of the appetite of a trade union are identified early and that they are pre-filled with all of the terms of Lloyd s.

Lloyd’s asserts that Contract Confidence reduces the chances of litigation, helps resolve claims more quickly and reduces costs.

“We wanted to build a tool that responds precisely to the unique requirements of the Lloyd’s market,” says Jon Hancock, director of performance management at Lloyd s. That is why we have worked with four agents of Lloyd’s throughout the process of construction of the trust contract. We have finally got a solution that will significantly improve the certainty of the contract for clients and will reduce costs for policyholders. This is an excellent example of the collaboration between Lloyd’s and the market players to leverage technology, reduce unnecessary costs and get the best results for the clients. “

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