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The new version 3 of Lloyd's Contract Confidence tool (LCC) is helpng many market participants to improve their confidence in their contracts and help manage and reduce risks associated with contract wordings.
Version 3 of LCC allows Managing Agents, Brokers and Insurers to perform check on Lloyd's wordings, check PBQA, assess contracts against your own risk appetite, and compare versions.
Riccardo Emanuele CTO of Imagefast commented on LCC
“After extensive feedback from the subscribers and other market users we have completely redeveloped the user interface, streamlining the process of performing checks, whilst making significant improvements to the backend, speeding up the processing of checks and improving the accuracy of the rules. Version 3 is a significant step forward for the Lloyd’s Contract Confidence Tool, and is proving valuable to the subscribers of the tool.”
LCC is helping many market participants check and manage their contracts, and the tool has got good feedback from the market.
“It would take normally half a day to review a slip manually. This is reduced to an hour and when utilising adding our own technical rules in it could be reduced to 15 mins – there is huge benefit here”
“This saves us time, reduces risk of disputed claims”
“We can build our own rules now which is great!”
“It’s not expensive and is very valuable to the market.”
To find out how LCC can help you or to book a demonstration - register your interest