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A leading Lloyds Insurer was receiving risk bordereaux from a valued broker in a format that could not be loaded into their BDX binder management system. This needed to be fixed for the Insurer to properly complete their Solvency II return. The Insurer asked IDS to assist the broker. The main reason why the bordereaux wouldn't load into BDX was because financial transactions and locations were on separate tabs and could not be easily matched together. The broker had a stored procedure linked to an excel spreadsheet which they would run every month to build the risk bordereau.
IDS created a solution that enables the broker to enter the outgoing bordereau start and end dates and then click a refresh button. This runs a stored procedure which automatically extracts the data from their policy administration system and builds the bordereau for the month and updates a spreadsheet containing all the fields in the correct format required by the Insurer. IDS also added Exception reports which highlight data that is missing such as client names, missing addresses, missing policy dates, 0 sum insured values etc. which runs as part of the bordereau build. An Audit Log produces a report that lists the policy number and any issues with the bordereau. The solution improves transparency and the overall quality of data being sent by the broker.
IDS also added Flood Re fields into the bordereau which are now compulsory. If a policy has Flood Re. the insurer needs to know the tax band, FRID (flood re unique identifier) and Flood Re Premium.
IDS added both compulsory and optional data, including extra pieces of information on the bordereau (which the Insurer had on the bordereau template). Insurers have mandatory fields and optional ones such as property type, wall and roof construction type. These are not compulsory but IDS set up the bordereau to pull through as much data as is captured in their policy administration system correctly.
The solution means the Insurer can now load the Brokers bordereau into their binder management system successfully preventing any bottlenecks in processing their incoming bordereaux and improving their ability to manage their risk exposure for Solvency II and collaborate effectively with the broker.
For further information on the IDS Bordereaux Solution and our expertise in helping insurers, coverholders and MGA with our bordereaux services please follow this link.