sprint
1 May 2015 Insurance

Faster data transfer

Technology is about to transform the way Canadian coverholders deal with Lloyd’s. The potential labor saving across Canadian cover holders has been estimated by some industry experts to be over 25,000 hours a year if they were able to take advantage of the efficiency offered by the CATEX Data Vera application. Currently approximately 70 percent of the 352 Lloyd’s coverholders in Canada manually enter more than 100 data fields into the Lloyd’s Lineage system for every binder processed. This process is time-consuming and one which, obviously, could lead to errors. By automating this data upload Lloyd’s, and the brokers bringing business to it, will bring competitive advantages to an important North American market.

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