Xchanging, the London-based business process outsourcing company led by David Andrews, has launched a Model Wordings Library (MWL). The company describes it as “the London insurance market’s first comprehensive, web-enabled wordings repository.”
Xchanging says MWL has been created for insurers and insurance intermediaries to support contract certainty. It is a secure repository, which is updated daily and which provides an online, interactive customer service. Xchanging anticipates bringing its inaugural customers to the service in July 2006.
Xchanging says it believes its MWL is the most comprehensive database of its kind for London insurance market documentation and will be used worldwide. It has over 13,000 of the most commonly used wordings, clauses, policy forms and schedules in the London insurance market.
MWL supports all stages of the insurance business cycle, from quote and placing, to drafting, document issuance and claims negotiation and is an important development to assist insurers and brokers to meet contract certainty targets. It contains wordings in a number of European languages, and enables rapid deployment of service and provides versatile, easy-to-use search facilities. The new search capability quickly enables users to find the wording they are looking for and the full-time support team is dedicated to helping customers achieve the best results by the effective use of MWL’s content, technology and extensive market connections.
MWL is the fully web-enabled successor to the Market Wordings Database (MWD), first built by Lloyd’s in 1993 to support Lloyd’s Policy Signing Office (LPSO). Launched as a commercial service in 1998, MWD has grown by an average of 1,000 items per year, and has more than 1,700 users in over 250 organisations in 30 countries. The types of organisation that have benefited from MWD include underwriters, brokers, law firms, loss adjusters and insurance associations.
To date, MWD has been commonly recognised as the authoritative “sacred text” for organisations throughout the world that conduct business in the London market. Content is supplied directly by the London market associations, individual London market insurance practitioners and some overseas associations and practitioners.
“I am delighted that Xchanging continues to lead the way in delivering a service of profound benefit to the London insurance market and its worldwide customers,” says David Andrews, Chief Executive Officer of Xchanging. “Xchanging has long-recognised the importance of the wordings library to the Market, and I am certain MWL will help maximise accuracy and efficiency in the writing of insurance documentation. I believe MWL is the best-in-class wordings database available to help the Market move towards contract certainty.”
All customers of the MWD service have the benefit of transferring to MWL’s web-enabled version with the advantage of no additional costs to their existing licenses. MWL is competitively priced, providing flexibility according to the scale of a company’s use of the service.