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News - Xchanging launches model wordings library.
(From Reinsurance)
Xchanging has announced the launch of Model Wordings Library (MWL), anticipated to be the London Market's first comprehensive, web-enabled wordings repository.
MWL has been created for insurers and insurance intermediaries to support contract certainty. It is a secure repository, which is updated daily and has an online, interactive customer service.
Xchanging's MWL is believed to be the most comprehensive database of its kind for London 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 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 also 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 enables users to find the wording they are looking for, and the full-time support team is ...
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