Analyzing TOBAs: Checking Terms of Business Agreements for Compliance

Enhancing TOBA Checks with Intelligent Platforms for Insurance Policy Comparison

Cluda.ai understands the need for precision and efficiency in TOBA management. Our platform is not about replacing the human element, but empowering your team to conduct thorough reviews with greater speed and accuracy. We focus on standardising the review process, making it repeatable and less prone to human error.

Here is how we help brokers handle TOBAs:

• Automated Ingestion and Standardisation: You feed the platform your TOBA documents, whether they are PDFs or Word files. Cluda ingests them, normalises the data, and prepares them for analysis. This removes the 'Format Chaos' of different insurer layouts, letting your team focus on the content, not the formatting.

  
  

• Targeted Clause Extraction: Instead of relying on a 'Ctrl+F' system that might miss variations of a term, Cluda uses advanced AI to identify and extract specific clauses relevant to your compliance check. This includes identifying clauses related to data protection, regulatory reporting, client money, or referral fees. It helps us avoid errors where a search for 'Storm' misses 'Tempest' and similar linguistic variations within a policy or TOBA.

  
  

• Side-by-Side Comparison: Cluda’s Policy Comparison feature is not just for insurance schedules. It excels at comparing different versions of a TOBA, or even comparing a new TOBA against your firm's internal compliance checklist. It highlights amendments, deletions, and additions clearly, often in a red/green format, so changes are instantly visible. This mitigates the 'Junior Blind Spot' by making subtle shifts in terms obvious.

  
  

• Audit Trails and Citation: Every piece of extracted information or flagged change is linked directly back to the source document and page number. This provides an indisputable audit trail, crucial for demonstrating compliance to regulators or evidencing your due diligence. It prevents a frustrating search for the original document to verify a clause.

  
  

Reducing E&O Risk for Insurance Brokers: Embedding TOBA Insights into Operations

Effective TOBA management extends beyond the initial review. The insights gained need to be actionable, informing your operational procedures and staff training. Cluda's capabilities integrate these insights directly into your workflow.

• Knowledge Base Integration: Build a central, searchable repository of your TOBAs. Your team can use the AI Assistant to quickly query specific clauses, understand obligations, or find answers to internal compliance questions. The AI will cite directly from your stored TOBA documents, ensuring accurate and consistent responses across your organisation – addressing inconsistent communications.

  
  

• Integration with Policy Documentation: Critical TOBA clauses can impact how you present policy terms to clients. The data intelligence gained from TOBA analysis can feed into the creation of Renewal Reports or client summaries, ensuring accurate representation of your obligations and the insurer's terms.

  
  

• Reducing E&O Exposure: By standardising and accelerating TOBA review, you dramatically reduce the chances of manual error, missed clauses, or inconsistent interpretations. This directly tackles potential errors, not just for numerical data, but for critical textual elements too, significantly mitigating E&O risk for your firm.