Discover how to scan and check Lloyd’s wordings, compare versions, check PBQA and assess insurance contracts against your risk appetite with our unique Lloyd's Contract Confidence too1
Lloyd’s Contract Confidence was developed to help Lloyd’s managing agents, underwriters, and brokers to compare and check their Lloyd’s contracts consistency and quality quickly, easily, and with confidence that there are no unseen and unknown discrepancies, risks, or wordings problems.
It is a unique PBQA solution that was developed with the market, for the market, and with the full support of Lloyd’s of London.
Designed for Lloyd’s contracts quality assurance
Lloyd’s Contract Confidence (LCC) helps you manage insurance contracts more efficiently and with lower risk of contract errors, inconsistencies and discrepancies that could compromise your compliance with insurance market regulations or Lloyd’s standards for conducting business.
Four modules, one solution
Rapidly identify variations between contract versions or in renewals
Need to know exactly what changes have been made from one version of an insurance contract to the next – even if they are in different document file formats?
Run Lloyd’s pre-bind quality assurance checks on any contract you need to validate
Perform market and class of business checks identifying which checks were successful with a simple RAG indicator and a descriptive message.
CLAUSES & WORDINGS
Comparison of your contract against the Lloyd’s Wordings Repository
Using Lloyd’s Wordings is best practice. Easily and automatically check against model wordings from the LMA and Lloyd’s Wordings Repository – and add your own clause libraries for even greater consistency.
Easily ensure contracts adhere to your risk appetite framework or underwriting controls
Only you know the risks you will accept. A drag and drop rules builder gives you similar power to the PBQA checks, and lets you build your own analysis engine to assess contracts for suitability and risk level.
Lloyd's Contract Confidence helps you reduce :
Your risk of regulatory fines
the cost and time of manual contract checks
the cost of unintended coverage or bad policy wordings
the number of claim disputes