Global reinsurance provider Qatar Re has expanded its licence for Match, a document analysis product developed by Software provider Adsensa.
Match is a key capability of Adsensa’s Negotiate feature and the new contract is a result of a successful initial implementation enabling a four-fold increase in Qatar Re’s Match user community to support the reinsurer’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.”