About Lloyd's Contract Confidence
Developed specifically for the Lloyd's market to seamlessly check, compare and flag contract inconsistencies.
Lloyd's set out to build a contract review tool that delivered precisely to the unique requirements of the Lloyd’s market. That's why Lloyd's and ImageFast have worked with four managing agents and the LMA throughout the development of Contract Confidence. Contract Confidence was built by and is run under licence by ImageFast for Lloyd's.
December 2016: ImageFast engage with Lloyd's to design and build the Contract Quality Triage Tool.
January 2017: ImageFast and Lloyd's begin the design phase and enlist a number of managing agents, the LMA and subject matter experts from within Lloyd's to attend workshops to agree the scope, functionality and user interface for the tool.
June 2017: Four managing agents that had been involved in the design phase signed up to become early adopters and supported the project throughout the build and test phases.
July 2017: ImageFast started development of the Lloyd's Contract Confidence tool.
October 2018: First production release of the tool to the early adopters which included the PBQA and document comparison modules.
July 2019: Rename of the product to Lloyd's Contract Confidence and release of all 4 modules to the early adopters and completion of the delivery phase of the project.
August 2019: Lloyd's Contract Confidence was officially launched to the wider market in August 2019 and the tool has seen considerable improvement and developments since the initial go live.
The tool continues to be improved based on feedback that is actively encouraged from the user community.
Lloyd’s Contract Confidence has been built
with the market, for the market.
Backed by 250 hours of analysis with underwriters and wordings specialists, Lloyd's Contract Confidence significantly reduces the risk of regulatory fines, independent and peer review costs and unintended coverage and claims disputes.