Lloyd’s Enables Advanced Slip Checking Technology

In a further move to bring its processing operations into the 21st Century, Lloyd’s announced that it has “teamed up with Adsensa – one of the London Market’s leading suppliers of slip and policy checking tools – to provide underwriters and brokers with access to Wordsensa QA technology.” The new capabilities will enable underwriters and brokers with “automated support for checking insurance slips” against standards set by Lloyd’s.

The system generates immediate reports that confirm whether “the slip meets the checks and where it does not.” It will give Lloyd’s managing agents and brokers the opportunity of having greater confidence that slips are being properly assessed.

Rolf Tolle, Lloyd’s Franchise Performance Director, noted: “This technology will help Lloyd’s businesses to carry out a higher level of quality control on contracts and provide a first class service to our customers. It marks a significant step forward in ensuring that our processes are faster and more efficient, and that we are as competitive as possible.”

Jonathan Matthews, Head of Risk Management at Beazley – one of the firms that took part in a pilot program, called the introduction of Wordsensa QA “an exciting development for Lloyd’s managing agents,” adding that it “should help underwriters further streamline their review of contract documentation.”

Lloyd’s licensed Wordsensa QA for its MGA’s as part of its drive to achieve contract certainty. Adsensa’s Co-founder and Director John Mountford indicated that using his firm’s technology would improve “the transparency of the checking process and increasing slip accuracy,” and would “assist managing agents and brokers in the issuance of insurance documentation within 30 days of placement, ensuring clarity for customers regarding the services they are buying.”

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