London Market Shifts Gears on Bordereaux Management
The London Market's approach to bordereaux management is set to shift as LIMOSS and Charles Taylor InsureTech announce a new contract for the provision of Delegated Data Manager (DDM) as an elective market service.
Bordereaux, the detailed reports of premium, claims, and risk data submitted by coverholders to insurers, have long been a challenge for the insurance industry. The sheer volume and variety of data involved can overwhelm even the most sophisticated operations.
The challenges of bordereaux management are complex. Insurers often grapple with data from multiple sources in varied formats and quality levels. For instance, a large multinational insurance firm might need to aggregate data from different regions, each with its own reporting standards. This inconsistency can make accurate aggregation and reconciliation a Herculean task.
DDM, which has been the London Market's core service for delegated authority bordereaux processing since 2018, has already processed billions of dollars worth of risk, premium and claims data.
The new elective service aims to build on this success, offering continuity and innovation to managing agents, brokers, and other market participants.
Patrick Molineux, MD of LIMOSS says: "Our goal is to provide an exceptional market service. Working closely with Charles Taylor has helped to transform delegated authority business in the London Market, and we look forward to continued collaboration and the competitive development of DDM as an elective service for bordereaux management."
Bordereaux Management
The insurance industry's adoption of new technologies has been somewhat cautious, particularly when it comes to bordereaux processing. However, the partnership between LIMOSS and Charles Taylor aims to change this landscape. Charles Taylor's Tide platform, which underpins the DDM service, offers cutting-edge capabilities that address many of the traditional challenges associated with bordereaux management.
Reiss Gavin explains, "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."
The platform's automated processing capabilities are particularly noteworthy. Once data is uploaded, Tide validates and standardises it according to predefined standards, such as the widely used Lloyd's 5.2 standard, while also supporting bespoke standards for specific business needs.
Industry Impact
Looking ahead, the roadmap for DDM includes significant improvements, driven by a customer-centric approach. These adjustments will include support for credit control, bordereaux reconciliation, transactional reconciliation, aged debt, and interoperability with external platforms.
Arjun Ramdas, CEO of Charles Taylor InsureTech says: "Charles Taylor is ideally positioned to support LIMOSS and our end clients through this transition. We are delighted to offer DDM as an elective service and that Tide will be the foundation for continued growth and innovation."
The impact of these developments on the wider insurance industry are substantial. As bordereaux management becomes more efficient and accurate, insurers can expect to see improvements in risk assessment, financial reporting, and overall operational efficiency. This is particularly crucial in an era where data security and regulatory compliance are paramount concerns.
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