Insurance slip checking process at heart of new technology launced by Adsensa
After working closely with some of London’s top insurance firms Adsensa has announced Wordsensa QA.
Wordsensa QA helps brokers, managing agents and insurers meet the challenge of improving slip and policy accuracy while complying with all the new regulations and time pressures created by Market Reform.
For the first time innovative technology is automating part of the checking process to help get insurance contracts right first time. Adsensa’s Wordsensa QA has been developed to remove time-consuming line by line verification. Instead experts will be able to focus on areas that are highlighted as needing further attention, thereby substantially reducing checking time.
According to Richard Dyke at Benfield: “We believe that by adopting the Lloyd’s QA checking process at the slip preparation stage we derive significant business benefits from the additional review of the content of slips presented to the market, which in turn eases the placement process. Wordsensa QA is enabling us to implement this efficiently and in line with underwriting standards.”
Using Lloyd’s slip checks within the Wordsensa QA software, brokers and underwriters will be able to employ a single and rigorous set of rules. Automation of manual verification checks can assist risks to be placed more quickly and can ensure that contract certainty requirements to deliver accurate and compliant documentation within 30 days of placement are met.