LCC  >  Lloyd's Contract Confidence

Lloyd's Contract Confidence

Review contracts with confidence.
Developed specifically for the Lloyd's market to seamlessly check, compare and flag contract inconsistencies.
All Lloyd's managing agents are responsible for ensuring that Lloyd's contract quality requirements are met when issuing insurance contracts.  Lloyd's brokers also have an interest in ensuring their document preparation and placement processes support compliance requirements and reduce administration and claims costs.
Contract confidence simplifies this process and creates time efficiencies for underwriters and brokers to focus on delivering a better service for clients and ensuring greater contract certainty.  
All Lloyd's managing agents are responsible for ensuring that Lloyd's contract quality requirements are met when issuing insurance contracts.  Lloyd's brokers also have an interest in ensuring their document preparation and placement processes support compliance requirements and reduce administration and claims costs.
Contract confidence simplifies this process and creates time efficiencies for underwriters and brokers to focus on delivering a better service for clients and ensuring greater contract certainty.  

The Modules

We’ve made it easier for the market to review the insurance contracts they write and issue on a day-to-day basis. Contract Confidence uses advanced search techniques to scan contracts and check for errors and discrepancies, which significantly reduces the time underwriters, management and risk/compliance teams spend manually checking contracts.
Document Comparison
Fast and accurate document comparison that returns a redline result that shows you exactly where changes have been made from one version of a contract to the next.  This module allows you to compare a proposed renewal contract against the expiring version to quickly identify differences made.  It is able to cope with mixed file formats such as comparing a Microsoft Word document to a scanned PDF image.
Quality Assurance Checks
This module improves contract certainty by running the very latest Lloyd's pre-bind quality assurance (PBQA) checks against an uploaded contract. Simply select a few properties, such as market and class of business, and the system will then select the appropriate checks to run against the document.  The results will identify which checks were successful and which were not using a simple RAG indicator and a descriptive message.
Clause & Wordings Checks
Promotes best practice with checks against Lloyd's Wordings Repository or managing agent clause libraries.  This module provides full access to LMA and associated Lloyd's market clauses as well as allowing you to create and maintain your own library of wordings. It helps to ensure that the clauses you need in a contract are there and notifies you if there are clauses that you do not want to be included. 
Create custom rules to flag documents/wordings that conflict with your own risk appetites or underwriting strategies.  A powerful drag and drop rules builder allows you to build your own rules to analyse contracts and determine whether they are suitable, or have unacceptable terms or omissions.  The same powerful engine that is used to run the PBQA checks is made available to you in this module.
Risk Appetite Checks
Lloyd’s Contract Confidence has been built
with the market, for the market.
Backed by 250 hours of product development with underwriters and wordings specialists, Contract Confidence significantly reduces the risk of regulatory fines, independent and peer review costs and unintended coverage and claims disputes paragraph.
Why use Lloyd's Contract Confidence

 

We’ve made it easier for the market to review the insurance contracts they write and issue on a day-to-day basis.

 

Contract Confidence uses advanced search techniques to scan contracts and check for errors and discrepancies, which significantly reduces the time underwriters, management and risk/compliance teams spend manually checking contracts. 

Contract Confidence will greatly improve contract certainty and help to mitigate the risk of contract review, within a single application.  To find out more please register your interest today.
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