Software provider Adsensa has introduced a newly enhanced MRC Capture solution, helping underwriters streamline operations and enhance data quality to reduce overall workload and improve productivity.
Designed for underwriters at Lloyd’s, the London Market and global insurers who process Market Reform Contract (MRC) submissions and associated documents, these latest enhancements are part of Adsensa’s Capture solution portfolio delivered to the global insurance market including Submission Analysis as introduced on September 13.
Jeff Heine, Global Sales and Marketing Director at Adsensa explains: “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.”
“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.”
Available for immediate delivery, the enhanced MRC Capture does the heavy lifting the moment a new MRC hits a carrier’s inbox by extracting, organising and analysing key commercial and operational data. By enabling the capturing of data both early in the process and at the post-bind stage, carriers are able to reduce manual data entry into back-office systems, the errors that come with it, and more quickly and easily assess risk appetite and verify regulatory compliance; optimising underwriters’ time and enabling them to focus their expertise on high value risk analysis and decision making.
“London Market carriers are 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,” says Jeff.
And with MRC Capture also being capable of capturing data from other insurance documents, such as broker submissions, endorsements and ACORD forms, it lends itself to supporting global carriers as well as those solely operational in London.
There are a wide range of additional enhancements to the solution, including
- Pre and Post-bind capture – enhanced with over 150 MRC data attributes captured as standard
- Capture from associated documents – MRC Capture combines supplemental documents into a single output
- Capture and extract table data – Allows underwriters to capture data which is otherwise left in documents and not used for MI purposes or specific risk profiling such as marine vessel schedules, property schedules, personnel schedules etc
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.