User benefits include instant quotations and documentation, exclusive rates and the ability to make alterations and immediately obtain revised documentation
The Life Science team at Jardine Lloyd Thompson Limited (JLT) has worked in partnership with HDI-Gerling to develop a web based application that is set to revolutionalise the purchasing and management of clinical trials insurance by providing a faster, more efficient service that puts the insurance buyer in control. Instant quotations and documentation, the ability to make instant changes and obtain revised certificates, and improved management information through 24/7 access to past and present trials are just a few of the benefits.
James Bird, Partner in JLT's Life Science and Chemical Industry Practice that led the development of the new service explains, "Clinical trials are a critical part of the process in developing new products in the competitive pharmaceuticals industry. As part of this process it is often necessary to undertake trials in a number of different countries. This creates an additional insurance burden as each country requires evidence of insurance, often in the local language and that satisfies local regulations. If changes are then required, for example to extend the period of the trial, delays in obtaining revised certification can delay the trials.
"The current methods for purchasing clinical trials insurance are time consuming, inefficient and a minefield to manage effectively. That is why we set about developing an intuitive system to make it easier for clients to buy and manage their clinical trials insurance and ensure they meet regulatory requirements".
The Clinical Trials Insurance Portal will initially offer cover in selective European countries but is quickly being extended to include more countries and other regions.
Richard Taylor, HDI-Gerling’s UK Managing Director, says, "HDI and JLT’s experience in this market place combined with our understanding of insurance requirements, process and claims management and the work we have undertaken to understand the needs of clients and the international issues they face have resulted in a product that creates real efficiencies, better management information and enhances the user’s experience and ability to manage this process."
James Bird concludes, "We spent a lot of time working on the rating engine to ensure that almost all enquiries will receive instant quotations. Even where an enquiry needs to be referred the client will receive a quick response and then be able to benefit from the system in terms of documentation, management information and if they want to make changes to the cover".