The Complete Binder Management Solution
As Our Clients Move To A Non-Bordereaux World, We Provide The Solution To Achieve That
BDX is our complete binder management solution. This data transformation module is a highly flexible and easy to implement insurance data transformation tool.
It enables insurers to change the conversation with their Coverholders by processing any bordereau, in any format and, creating output files for transfer to a customer’s existing system, and instantly populating BDX. The requirement to force the use of particular formats has become a thing of the past.
Bordereaux received by email or other electronic media are automatically processed using pre-defined business rules. Each bordereau is mapped to a single common format, from which the data can be validated and enriched before being transferred to BDX.
BDX can be used alongside many other applications for processing bordereau, monitoring workflow, and analysing data.
Complete Audit Management including managing audit findings to completion
Report on everything via dashboards and bespoke reports
Steering Committee consisting of all BDX clients meet to set the direction of future BDX development
Online user community allowing all users of BDX to raise questions/comments, and request new features
API Suite providing the ability to import Facility, Company, Exchange Rates, USM and SCM information 3rd party sources
Record all the details of the full binder contract, ready to validate against the bordereau that is received
Automatically manage outstanding bordereaux against each Coverholder and contract
Review the full historical progression of individual declarations and claims
Record all the companies involved, such as Coverholders, Brokers, Insurers, Auditors, and TPAs
The complete end to end credit control process managed
Within seconds of receipt of emails, or other electronic media, the risk/premium/claim data is immediately available for review and analysis in BDX. BDX provides the following functionality in six major components:
BDX records the full multi-section binder contract as structured information, ready to reconcile, and report on variances, against the bordereau data as it is processed.
Information captured includes:
Per risk and aggregate limits
BDX includes a comprehensive reporting module to provide MI and BI reports to management, underwriters, credit control and claim handlers. A core reporting pack is included as standard which can be tailored to your exact requirements. Also included in the standard offering is a report builder capability allowing trained users to create their own reports from BDX.
BDX manages all of the parties associated with the binder contract, including Coverholder, Brokers, Insurers, Auditors, and TPAs. The information captured for each includes: addresses, bank details, the individuals forming part of the company, any associated documentation and periods of compliance.
Within BDX, bordereau data is validated against the contractual conditions of the facility to highlight:
Total Sum Insured and sub limit breaches
Aggregate limit breaches
Breaches of location restrictions
Maximum policy periods
And many more breaches
Record the complete audit process centrally within BDX against Facilities, Coverholder and Auditors already captured. Additionally:
Capture audit findings of the audit and manage to completion
Report on audit progress and planning;
Capture costs, documents, and ratings
BDX automatically performs reconciliation of individual risks (including locations) and claims against premium entries submitted by the Coverholder on premium notification bordereaux.
USM and SCM information can be imported to enhance this capability of BDX further providing reconciliation of notified premium against actual payments at a section level.