Transcript Meeting the challenge of Pre

Meeting the
challenge of
Pre-Bind Quality
assurance:
Wordsensa QA
12th October 2007
Speakers

Kieran Flynn, Franchise Performance, Lloyd’s

Martin Anderson & John Mountford, Adsensa Ltd

Customer panel:

Paul Gold - Canopius

Steve Breen - Catlin

Richard Dyke – Benfield
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Agenda

Our vision for Pre-Bind Quality Assurance

why this is important for the market

the role of Wordsensa QA

Demonstration of Wordsensa QA (v2.0)

Looking to the future

Wordsensa Customers’ panel

Question & answer opportunity
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Lloyd’s vision for PBQA (1)

Market Bulletin Y4015 confirms risk-based approach expected

Slips are developed between brokers and insurers which meet all
quality criteria, before lines put down

Major reliance upon skilled underwriting/ wordings personnel,
supported with the right tools, at the right time

Using quality criteria/ information sources:


MRC framework & guidance

Lloyd’s QA Tool checks (including Contract Certainty)

Crystal-based guidance (tax & regulatory)
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Lloyd’s Wordings Repository (vetted model wordings)
Providing options for firms to achieve their quality objectives –
recognising the general transition to electronic processes
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Lloyd’s vision for PBQA (2)

A faster, more efficient placement process, limiting unnecessary
rejections and rework, making Lloyd’s a more cost-effective place to do
business
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Brokers have a consistent understanding of the standards expected
and can deliver PBQA-checked documentation to insurers

Managing agents adopt a common checking standard to demonstrate
the quality of compliance – using their own choice of tools/ services

Mixed market slips can be checked using the same rules
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As a consequence…

The placement process will be streamlined by consistent well
understood checking – wordings agreed before inception

Supports experienced slip reviewers with different requirements,
BUT everyone can perform checks using the same system/ rules

Scarce expertise can be applied more effectively
AND the experts will still be in control in this specialist market

Checking would not be variable, inconsistent or slow – reducing delays
for all concerned

Rules provide consistent definition of the QA Tool checks

Reducing legal disputes regarding contracts

Wordsensa QA users can define bespoke additional Checks

Market moves further into electronic processes
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Lloyd’s partnership with Adsensa Ltd



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Two objectives:

Convert the QA Tool checks to more specific rules, capable of
automated support for slip review
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Use Wordsensa QA s/ware to automate the running of those rules,
with intelligent reporting and audit trails
Providing managing agents & others wanting the facility with choices:

Install Wordsensa QA s/ware in house and customise

or, utilise the s/ware via a service provider
Recognising that Wordsensa QA is ‘decision support’ for experienced
personnel – not a standalone automated solution providing finished
slips
Intention over time to integrate Wordsensa QA with all relevant
information sources
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So what does Wordsensa QA do?

Slips can be in any form: Paper,
Image, Word document or XML

The Slip is analysed by Wordsensa
before it can be checked

Checks must be selected ~ probably
using the QA Tool
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Wordsensa will check the Slip and
report its findings

The user must review the results
and confirm, amend or comment

The results can be Printed,
exported, linked to the slip etc.
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DEMO
Wordsensa QA v2.0
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Examples of Wordsensa QA use in the
Market
Checking can be performed by experienced personnel on any system
and at any stage in the process e.g.


Brokers at quotation stage
- delivered electronically
- report with check results
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Electronic or paper slips pre-checked by Underwriting Assistants

Paper slips scanned and loaded at the box whilst commercial
discussion taking place and then checked
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Electronically to a service provider where the slip can be checked
supported by Wordsensa QA

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Followers can quickly validate the Leader’s checking
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Looking to the future
Today you can:

extend Rules by writing your own
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link to Wordsensa Professional -> matching, wording lookup and
other tools
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integrate with DMS e.g. Swordfish
We are planning for:

continuous improvement of the rules based on market feedback

enhancing the QA Tools ~ easier to find the checks you need
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writing rules for delegated authority slips
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linking to Crystal from Wordsensa QA and the QA Tool
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Acord conformance via MRC alignment
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electronic submission of slips
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Lloyd’s market adoption of
Wordsensa QA
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32 managing agents have confirmed acceptance & are using or about to
use the system
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OM Rules for all Classes of Business and Territories in place
- all market slips can be run against the rules
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Wordsensa V2 (server) is now being run in beta sites
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Progress assessed in time savings and consistency of outputs
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Rules reflect Market Reform Contract framework
Is your firm planning to check its 1 Jan renewals
using Wordsensa QA ?
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Wordsensa Customers’ panel

Brokers’ views:

Managing agents’ views:
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Assists slip preparation
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System easy to use

Increases speed of review &
feedback
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Makes experienced staff
more efficient & effective

Certainty of rules, for all
parties

Rules written intelligently

Assists review & audit
processes

No major concerns in testing

Considering bespoke rules
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Adsensa provides support

System is tuned to support
brokers and insurers

Another step into electronic
world
We are all seeking to serve our customers for insurance
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In conclusion

Valuable tool to assist brokers and managing agents with PBQA

Planned development/ deployment continues
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Deployment options for managing agents and brokers to consider
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Adsensa Ltd ready to provide assistance
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Service providers can deploy the software if preferred
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Enquiry address:- [email protected]
Any Questions?
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