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Policy checker program offers error solutions for brokers

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Document analysis software company Adsensa Ltd. has launched an insurance policy-checking product for North American brokers that aims to minimize potential errors and omissions exposures and reduce policy backlog.

The web-based policy-checking product uses document comparison and analysis software to allow brokers to analyze complex policy documents, understand the differences in coverage and determine if coverage adheres to industry and company standards, Chicago-based Adsensa said in a statement released Wednesday.

Adsensa’s policy-checking product can be used to check same-carrier renewal policies, renewal policies with a change in carrier, new business and placement documents, the firm said.

“Brokers have a commitment to make rigorous policy checks, highlighting issues such as potential gaps in coverage where a carrier’s wording may have changed from one year to the next,” Adsensa CEO John Mountford said in the statement. “If there are gaps in coverage, the broker’s responsibility is to address them and demonstrate as such with a fully auditable process.”