“The system has already proven itself in terms of both time and cost savings,”
Adsensa, the provider of software supporting P&C commercial and speciality lines insurers transform underwriting through efficient and accurate capture and analysis of submission data, today announced that Qatar Re has expanded its licence for Match.
Match is a document analysis product that is a key capability of Adsensa’s Negotiate feature.
The new contract is a result of the successful initial implementation of Match and will enable a four-fold increase in Qatar Re’s Match user community to support the company’s continuing global expansion.
Commenting on the impact of Adsensa’s Match and the license expansion, Iain Russell, Senior Manager, Underwriting Services at Qatar Re noted, “Expanding our agreement with Adsensa is a logical next step. Match has proven to be an invaluable tool to help us create track change versions from expiring slip or reinsurance placements into the proposed placement for an approaching renewal. Rather than physically reviewing a 90-page policy line by line, Match instantly highlights where there is a clause or word which has been added or removed and allows our underwriters to apply their judgement to the renewal in a highly efficient process.”
“The system has already proven itself in terms of both time and cost savings,” Charles Robinson, Agricultural Underwriter at Qatar Re. “Without Match, manually reviewing a slip could take anywhere from 30 minutes to an hour. The savings are relatively simple to calculate as a function of the time spent reviewing contracts manually, multiplied by the portfolio volume. If you applied an hourly rate for an underwriter, it’s difficult to conceive of a simpler cost-benefit analysis.”
Charles adds that Match has also proven useful in situations unique to international placements. “Split lines are a good example in which you have the same deal, but two different brokers. Obviously we need to ensure the contracts are the same even if they are drafted or formatted in different ways. There may be London Market and direct market contracts in play, so a tool like Match allows us to review all of the key points and comparisons very quickly.”
Jeff Heine, Global Sales and Marketing Director at Adsensa, comments, “We are extremely pleased with Qatar Re’s decision to expand the use of Match. Many of Qatar Re’s executives have been long-standing users of Match and it’s heartening to know that the solution is pivotal to businesses as forward thinking and ambitious as this. Match continues to be a key capability of the Adsensa solution set which is enabling process automation across the London and international insurance markets.”
About Qatar Re
Qatar Re, licensed as a Class 4 Insurer by the Bermuda Monetary Authority, is a global multi-line reinsurer writing all major property, casualty and specialty lines of business. Qatar Re serves its clients through teams of seasoned underwriting and financial professionals combining in-depth technical and business expertise with industry experience across all markets. Through our headquarters in Bermuda, branch offices in Zurich, the Dubai International Financial Centre and Singapore and representative office in London we are close to the world’s major reinsurance markets and the core operations of our clients. Our clients and partners value us for our technical expertise, outstanding service, industry thought-leadership and customer focus.
Established in 2003, Adsensa is a software provider focused on helping P&C commercial and specialty lines insurers transform underwriting by making sense of submissions through efficient and accurate capture and analysis. With corporate headquarters in the United Kingdom and North American headquarters in Chicago, to date Adsensa has been selected by over 100 insurance entities world-wide, including some of the largest commercial lines carriers, retail brokers, and reinsurers in the world. To learn more about Adsensa offerings, please call 01635 244000 or visit www.adsensa.com.
Adsensa on LinkedIn
Follow @adsensa on twitter
Ralph Savage – RTS Media
+44 (0)330 113 7998
This press release was distributed by ResponseSource Press Release Wire on behalf of RTS Media in the following categories: Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.