Software provider Adsensa has introduced a solution designed to improve the processing of market reform contract (MRC) submissions and associated documents.
Introduced for underwriters at Lloyd’s, the London Market and global insurers who process these documents, ‘MRC Capture’ is aimed at enhancing data quality, reducing the overall workload and improving productivity, according to a press release. It enables the capturing of the data both early in the process and at the post-bind stage, allowing carriers to reduce manual data entry into back-office systems and the errors that come with it. Furthermore, the solution helps carriers assess risk appetite and verify regulatory compliance.
Jeff Heine, global sales and marketing director at Adsensa, said: “With ever increasing demands on underwriters’ productivity, Adsensa has developed its MRC Capture solution, to help process MRCs more efficiently and reduce the overall workload required to quote and bind accurately. MRC Capture is also capable of capturing data from other insurance documents, such as broker submissions, endorsements and ACORD forms, allowing it to support both global and London-based carriers.
“With the London Market being traditionally focused on more complex, higher value contracts, the key emphasis is on data quality and accuracy, as the risks associated with errors and omissions resulting from manual data entry can be significant. Coupled with the need to comply with strict regulatory requirements, the need for high quality data has never been more important.
“With the London Market carriers coming under increasing financial pressure from competitors, both foreign and domestic, the need to drive down operating costs while improving data quality and value is key to the long-term prospects of this key market.”
Adsensa, Technology, Insurance, Lloyd's, London, UK