(City of London, location of one of Qatar Re’s main offices. Credit: Colin and Kim Hansen.)
Qatar Re (Hamilton, Bermuda) has expanded its license for contract management software vendor Adsensa’s (Chicago) Match document analysis product, which the vendor calls a key capability of Adsensa’s Negotiate feature. The new contract follows 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, according to a vendor statement.
Expanding its agreement with Adsensa is a logical next step for Qatar Re, according to Iain Russell, the company’s Senior Manager of Underwriting Services. “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,” he comments. “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, according to Charles Robinson, Agricultural Underwriter, Qatar Re. “Without Match, manually reviewing a slip could take anywhere from 30 minutes to an hour,” he comments. “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.”
Robinson 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,” he elaborates. “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.”
Pivotal to Businesses
“We are extremely pleased with Qatar Re’s decision to expand the use of Match,” comments Jeff Heine, Global Sales and Marketing Director, Adsensa.“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.”