The pilot was created in collaboration with four mentor firms from the Lloyd’s market taking part in the Lloyd's Lab: Argo Insurance, AXA XL, Barbican, and QBE Insurance.

The in-depth analysis into the "current state" of Lloyd’s market regarding corporate governance, risk management and regulatory compliance across the insurance industry found the processes are typically manual and paper-based. The goal of the pilot during the 10-week Lloyd's Lab programme was to use state-of-art technology to achieve significant cost reductions in the areas of risks and compliance, as well as improve corporate governance and oversight.

The pilot:
• Reduced the time it took to refresh corporate policies and procedures, to ensure all documentation is up-to-date
• Automatically cascaded regulatory changes through the hierarchy of governance documentation
• Used machine learning and artificial intelligence to improve readability and policy adherence
• Published documentation across the business, and tracked policy readership, attestation and adherence
• Tracked ownership and responsibilities based on senior management functions
• Generated market intelligence reporting for management, auditors and regulators on the status of governance documentation and firms’ compliance in real-time

General Observations of the pilot and findings:
Current State vs. New Way
Estimated reduction of the quantity of policies as a consequence of consolidation is 40-50%
Days it takes to refresh a policy 30 instant
Projected savings equaling to over 30%
Benefits to participants included:
• Being able to track policy readership and attestation, which they were unable to do in the past
• “Handover" of policies and historic audit trails have become instant, which took over 30 days in the past
• Clarity for senior management on documents they are accountable for
• Policy refresh lifecycle has been reduced from an avg. of 11 stages (authoring review edit approval sign off) down to 5, which subsequently leads to the reduction in the time it takes to update a single document
• 75% of documents can be standardised
• Ability to construct a seasonably adjustable policy review cycle
• Real-time collaboration on documents
• Management information, reporting capability

The pilot demonstrates that ClauseMatch’s policy management solution is applicable to the needs of the insurance industry.

Head of partnerships Anastasia Dokuchaeva commented: "There is an existing hierarchy of governance documentation: policies, standards, procedures, and controls which in all its overwhelming complexity need to be managed easily. The key focus for ClauseMatch was to create a digital governance map for the insurance industry which would actually allow tracking everything in real time, ensuring all the documents are timely updated."

Mark Posner, Change Program Director at Barbican Insurance Group said: "We were very pleased to be able to work with ClauseMatch. The application addresses a genuine market issue and is highly innovative in its use of AI to help streamline compliance procedures.”

Nonna Polonskaya, Lloyd’s Lab Team commented: "I am very excited about the results that ClauseMatch have achieved while at the Lloyd’s Lab. The team built strong relationships with their mentors from AXA XL, Argo Global and Barbican Insurance Group. ClauseMatch is new to the insurance so the team had a crash course on all things insurance thanks to their mentors’ expertise and willingness to help. They learned very quickly and managed to showcase how the solution can make a real difference to the way compliance departments currently work - and all of this in just ten weeks! I am proud to have been part of their journey!”