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Media
Xchanging Increases Market Efficiency with New Market Wordings Database Component
20 Mar 2002
London, UK - March 2002 - Xchanging, the leading business process outsourcing company, today announces the launch of the 'Associated Documents' component of its Market Wordings Database (MWD) - the LMP recommended London market index of over 9,500 of the most commonly-used wordings including, clauses and policy forms.
The Associated Documents component has been designed to significantly reduce the time spent searching and cross-referencing documents that accompany risks. It enables users to search for a wording and also access ancillary information relating to the use and the history of that wording, as well as being provided with a view of any cross-referenced associated wordings, clauses etc.
The MWD is a dynamic database and is continually growing to keep pace with changes in insurance documentation. In addition to the English content, it also contains wordings, clauses etc. in a number of European languages. English translations are included for each European language document and a special coding system ensures that the users can match the versions accurately.
John Benjamin, managing director Xchanging Insurance Services, says, "This enhancement adds significant depth to the amount of information that is provided and is available for both the public and private content of the database. It replaces the current practice of viewing the insuring documents in MWD and then having to search elsewhere for paper copies of market circulars, instructions etc. creating substantial time savings for all its customers. The consequent increase in usage of MWD can only benefit the insurance market."
MWD provides access to its content via versatile search facilities, and can be used for both reference and for the production of insuring documentation at all stages in the business cycle. The service aims to provide regularly updated information and also includes access to a customer help-line and a monthly electronic newsletter. As well as the provision of standard public documentation, MWD gives a facility for the loading of any private wordings, clauses etc. with rights of access set by the owner. Many MWD customers use this option to cut administration costs by providing access to their wordings for regular business contacts.