London, 15th July 2002 – The London insurance market has an estimated 750,000 unsigned insurance policies, said insurance IT provider Rebus iS today, suggesting potentially millions worldwide, with other insurance centres and markets not yet formalising the enormity of the problem. “Complex policy wording, combined with manifold associated forms make policy generation so unwieldy, they often do not get produced at all. This situation, largely neglected to date, urgently needs to be addressed,” said Rebus iS CEO Robert Gogel.
The average time to issue signed documents to a client stands at 235 days from inception, according to industry body the LMP Programme Office in London. Interim documentation, such as broker cover notes, usually provides the client with a summary of the coverage until the policy is issued. However, the lack of the policy itself can cause legal difficulties for brokers in particular. Undefined clauses and ‘TBAs’ (‘to be agreed’ or ‘to be advised’) can result in coverage disputes and delayed claims settlements. “The promise to pay a claim is formally defined by the policy document. If there is no policy, brokers can end up carrying the responsibility to the client,” said Gogel.
Rebus’ new software solution, jointly developed with outsourcing partner Albis Associates, is designed to tackle policy and clause identification and generation. Docusure is expected to alleviate the situation by facilitating and accelerating the process. Docusure also ensures accuracy of all documentation produced, minimises re-keying and enables policies to be created by non-specialist staff.
The system comprises a knowledge builder to capture information, a document assembly tool and a web-based document repository.
LMP (London Market Principles), which sets out efficiency objectives for the insurance sector, and the formation of new UK regulatory body FSA are two positive developments which place the industry in an ideal point in time for the adoption of such an automated solution.
An aggressive sales and marketing campaign orchestrated by Rebus iS will bring the product to a global audience, while Albis Associates will handle consultancy and implementation.
Albis Associates, a wholly owned subsidiary of Rebus iS, is an insurance outsourcing company focused on the London Insurance Market. Albis provides a range of services including: project management, back-office outsourcing, company & syndicate run-off, claims management services, claims collection and specialist insurance reviews and consultancy. Since 1990, Albis Associates has produced policies on behalf of brokers, companies and syndicates, providing both high-level bespoke wording support consultancy and issuance of policy documentation.
About Rebus iS
Acquiring a pedigree of innovation, knowledge and delivery from Rebus Group's 25 year history, Rebus iS is a leading provider of IT software and services to the global commercial insurance market and also supplies business-to-business e-commerce and FM solutions. It is a market leader in the provision of IT solutions to its chosen markets: London market, international property and casualty (P&C) and reinsurance. Information about Rebus iS and its products can be found on its Web site at
For further information
Fiona Egan / Mariam Khan Rebus Press Office Tel: 07905 258 259/020 7371 7363 Fax: 020 7371 9093 Email: firstname.lastname@example.org
Alistair Lamb Marketing Director, Rebus iS Tel: +44 (020) 7661 4258
Fax: +44 (0) 20 7661 4354 Email: Alistair.Lamb@RebusGroup.Com
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