Lloyd's Launches New Tool For Catching Contract Errors

Law360, London (July 4, 2019, 6:24 PM BST) -- Lloyd’s of London said Thursday it has turned its sights on improving the quality of the insurance contract review process globally, by launching a new software tool that can scan contracts for inadvertent errors against 1,400 regulatory, tax and other open market rules.

The world’s biggest specialty insurance market said its new software uses “advanced search techniques” to check insurance contracts for any mistakes and discrepancies, and highlight where they may not pass regulatory checks before they are finalized.

Underwriters will also be able to insert their own rules and standards into the software, so that it can identify where firms...

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