New OneWorld offering simplifies Bordereaux report creation for MGAs, MGUs, TPAs, and Bordereaux processing for carriers and reinsurers
Traditionally a highly-manual and often error-prone process, the creation, transfer and ingestion of bordereaux reports has continued to be a challenge for all stakeholders in the A&H insurance process. With OneWorld Instech’s Cloud-based Bordereaux Services the process can now be completed much easier and quicker, and with a higher degree of data accuracy and quality.
For MGAs, MGUs, and TPAs, OneWorld’s A&H Bordereaux Services allows business users to easily extract needed data from disparate systems, aggregate the data and configure a comprehensive transaction report based on their selected criteria, such as a specific time period, by product, etc. Once the report is created and formatted, it can then be transmitted to a carrier or reinsurer for processing.
For A&H carriers and reinsurers, OneWorld’s Bordereaux Services provides the automated import, mapping and validation of data received from multiple MGAs, MGUs, or TPAs. Carriers and reinsurers can deploy the Bordereaux Services solution as a stand-alone system or as an integrated component of an insurer’s or reinsurer’s policy administration environment.
Feature highlights of OneWorld’s A&H Bordereaux Services solution include, but are not limited to:
- Increased automation, significantly reduced time, and enhanced data quality for bordereaux reporting and processing
- Creation of either “Book of Business” or “Transactional” based data files
- Bordereaux report creation, including data aggregation from multiple disparate data sources and/or multiple formats
- Business user creation and maintenance of data lookup tables
- A robust and flexible set of business rules configurable by business users versus IT staff
- Supports default of custom output data set for differing types of bordereaux files
- Outputs data to a SQL database, Excel file, or XML
- Premium, cash and claims bordereaux processing
“We saw bordereaux reporting as an underserved need and a great opportunity to apply technology to bring a significant value to the A&H insurance community – from MGAs, MGUs, and TPAs who produce the reports to the insurers and reinsurers who need to ingest and process the data,” commented
To learn more about OneWorld Instech’s A&H Bordereaux Services CLICK HERE.
About OneWorld Instech
OneWorld Instech is a global insurance technology provider offering solutions built on a modern architecture designed to simplify innovation and future-proof insurance processing. The OneWorld portfolio is comprised of microservices offering a range of capability options including bordereaux management, Specialty Lines rating services such as Cyber and A&H and complete policy processing. The company's offerings can be deployed standalone or integrated with a carrier's or MGA's existing environment. OneWorld's architecture is also designed to support emerging technologies and functionality such as block chain and smart contracts. For additional information call 833.41WORLD (96753) or visit www.oneworldinstech.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180807005050/en/
[email protected]
Source: OneWorld Instech
EMC Insurance Group: 2Q Earnings Snapshot
ORIX USA and Lancaster Pollard Synergies Complement Brickmont Construction Financing Project
Advisor News
Annuity News
Health/Employee Benefits
Life Insurance