ClauseMatch, an award-winning London-based software technology company that enables financial institutions and other regulated firms to comply with their internal corporate governance, has gone live with Managing Agency Partners Limited (MAP), a leading underwriting agency in the Lloyd's of London insurance market. MAP became one of the first insurance companies in the UK to implement ClauseMatch for compliance management leading the way for the industry.
Paul Langridge,Director of Risk & Assurance at Managing Agency Partners Ltd.:
"As we moved into our 20thyear, we were simply looking for a framework around which we could centralise and rationalise our existing documentation, however, following initial discussions, it soon became clear to us that ClauseMatch offered significant additional capabilities above and beyond our original brief, such as the mapping of content and application of machine learning, which would enhance our documentation controls and governance whilst offering potential efficiencies we welcome as a small business."
ClauseMatch provided MAP with a single platform to manage all its policy and procedures documentation in the context of related requirements and standards, applying machine learning and artificial intelligence NLP algorithms to improve readability and policy adherence. An automated audit trail ensures clarity around accountability and is easily extractable pending a regulator's request.
The initial project focused on risk policies. As the project moved beyond the implementation, it increasingly concentrated around mapping the specific content of the existing documentation to regulations, standards and requirements to establish connections that are then tracked within ClauseMatch.
The estimated efficiency gains from the previous analogous research include reducing the time to manage a risk policy also cutting the time for the approval stage. Documents are standardised due to proprietary AI algorithms set to eliminate any duplication. From other insurance clients, it is possible to forecast similar results such as cost reduction, instant handover of policies and historic audit trail, transparency of all the documents for the senior management.
Freddie Frith, Business Development, ClauseMatch:
"Our goal was to offer a solution for MAP that eliminated the burden of manually evidencing compliance with obligations such as the minimum standards. With a single platform, it is now possible in a few clicks to run the end-to-end lifecycle of compliance documents so that they can easily be drafted, reviewed, approved and finalised. The Policy Portal instantly makes it available in a single repository for employees to easily access and attest to'.
To recall, ClauseMatch joined the Lloyds Lab Second Cohort in the summer of 2019. After a month of the accelerator, the company graduated from the Lab with a ready-to-implement solution for the insurance industry.