Charles Taylor: Transforming Bordereaux Management with Tide
Charles Taylor is a global provider of professional services and technology solutions tailored specifically to the insurance industry. The company's offerings encompass a broad range of services, including claims management, insurance management, and risk management, with a particular focus on property, casualty, marine, aviation, and specialty risks.
"We provide a wide variety of software solutions ” explains Reiss Gavin, London Market Programme Manager at Charles Taylor.
“From policy admin systems to claims systems to delegated authority bordereaux management systems, we use comprehensive middleware which is connected technology and analytical solutions," he explains.
Tide: Revolutionising Delegated Underwriting Authorities (DUAs) and Decision-Making
“Tide is a comprehensive bordereaux management solution,” says Reiss.
“One of the key features of TIDE is its ability to allow users to upload bordereaux data directly into the system from anywhere in the world, at any time. This flexibility is crucial for global insurance operations,” he says.
“Once the data is uploaded, Tide automatically processes it, validating and standardising the data according to predefined standards, such as the widely used Lloyd’s 5.2 standard, although it also supports bespoke standards for specific business needs. This ensures that the data is accurate, consistent, and ready for further analysis or integration.”
Tide's data processing capabilities include identifying errors in the uploaded data, giving users the option to reject or partially reject faulty data sets, or to correct the errors and proceed with processing. “This feature is vital for maintaining data integrity and ensuring that decisions are based on accurate information,” adds Reiss.
As a result, Tide provides users with a clear and concise overview of their delegated business across different classes or lines of business.
“This functionality is enhanced by its ability to either integrate the processed data into the insurer’s data warehouse for broader analysis or utilise Tide's inbuilt analytical tools for detailed examination of the delegated authority business.”
“Tide’s multi-tenanted capability allows multiple users involved in the same contract to access the data, irrespective of their role as a legal follow insurer,” says Reiss.
“This ‘process once, use many’ approach significantly reduces the time required to source and process data, enabling businesses to focus more on managing their delegated business and improving performance outcomes. In summary, Tide simplifies the complex management of DUAs, providing insurers with accurate, actionable insights and streamlining their operations.”
Industry Reception: Positive Feedback and Continuous Growth
Tide has been positively received by the insurance industry due to its robust functionality and adaptability.
“Users appreciate its flexibility and the application's continuous growth to address emerging challenges in the delegated authority space,” says Reiss.
In the complex world of insurance and reinsurance, the concepts of "lead" and "follow" play crucial roles in managing risk and structuring contracts. The lead, typically an underwriter from a syndicate or insurance company, takes on the primary responsibility of setting the terms for an insurance or reinsurance contract that involves multiple parties. This lead underwriter not only establishes the contract's conditions and handles any claims that may arise under it. In contrast, a follow underwriter, representing either a syndicate or an insurance company, agrees to accept a portion of the risk based on the terms set by the lead underwriter.
This lead-and-follow structure is exemplified in Tide's platform, which has gained recognition for its ability to manage multiple jurisdictions, products, and currencies within a single system. "Its lead-and-follow capability offers a comprehensive view of delegated business, making it a favoured tool for insurers looking to streamline operations and improve decision-making," industry experts note. The platform's evolution has effectively aligned with the needs of the insurance sector, further solidifying its positive reputation in the market.
Balancing Innovation with Security: Tide's Robust Protocols
“Tide incorporates a comprehensive range of security measures,” says Reiss, “including row-level security, ensuring that only authorised users with correct permissions can access, view, and export data related to mission-critical insurance systems.”
“Charles Taylor InsureTech (CTI) employs industry-standard security and monitoring tools to safeguard data at all times. We are committed to balancing the benefits of digital information with stringent security protocols, protecting clients' data to the utmost without compromising functionality or accessibility,” he says. “Security is always a top priority, and Tide is designed with security at its core.”
Charles Taylor's Tide offers cutting-edge capabilities that set it apart as a leader in the insurance industry. One significant benefit is its advanced analytical functionality, which enables clients to extract valuable insights from vast amounts of data.
“Tide allows users to identify which books of business are more profitable, analyse the impact of catastrophic (CAT) claims, and understand seasonal trends. This capability not only unlocks the potential of data but also allows clients to focus on driving their business forward rather than getting bogged down in data processing,” explains Reiss.
Enhanced Credit Control: Bridging the Gap in Premium Bordereaux Processing
Another notable benefit is the introduction of enhanced credit control functionality, addressing a critical gap in current premium bordereaux processing systems.
“Traditionally, these systems assume that payments have been received when processing premium bordereaux, which isn't always the case,” says Reiss. “Tide's new functionality will allow users to confirm payment receipts and match them at the risk level, providing detailed insights into outstanding payments.”
This development enhances financial management for clients by ensuring they are aware of who owes them money, how much is owed, and how long it has been outstanding. Additionally, it identifies discrepancies, such as risks written but not paid for or payments received for unrecorded risks, offering a significant advantage in financial management.
Fuzzy Logic and AI: The Future of Claims Processing
Tide is also exploring the use of fuzzy logic and artificial intelligence (AI) to improve claims matching. Currently, the limited information in claims bordereaux often leads to orphaned claims that are difficult to match with the corresponding risks.
“By applying fuzzy logic and, eventually, AI, Tide will enhance the accuracy and efficiency of claims processing, making it a more powerful tool for insurers,” says Reiss. These capabilities underscore Charles Taylor's commitment to innovation and its leadership in the bordereaux management space.
The Future of the Insurance Industry: Data and AI
Reiss also shared his perspective on longer-term industry trends, particularly the role of data and AI. “The future of the insurance industry will increasingly revolve around data and the technologies that help make sense of it. For years, insurers have been sitting on vast amounts of data without fully leveraging its potential. However, the industry is now shifting focus towards investing in technologies that can analyse this data to unlock valuable insights.”
He continues, “artificial intelligence will play a significant role in this transformation, particularly since it’s evolving so quickly. AI’s ability to process large datasets quickly and accurately offers a promising way to extract actionable insights more efficiently than human analysts. This will allow insurers to focus on interpreting the data and making informed decisions rather than being bogged down by data processing.”
Despite the potential, Reiss acknowledges that the adoption of AI and other emerging technologies for insurance will likely be gradual due to the industry's inherent risk aversion. “However, as these technologies prove their value, we can expect new insurance products and markets to emerge, much like the evolution of cyber insurance. The longer-term trend will see insurers increasingly harnessing data and AI to innovate and stay ahead in a rapidly evolving landscape.”
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