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Binder 360 Services

Xchanging’s Binder 360 Services streamline the binder process, significantly reducing the associated frictional costs and providing you with the opportunity to make more informed decisions to drive your binder businesses forward.

Whilst many of the issues faced by the binder community are shared, the available binder management solutions are currently being procured on an individual basis. Binder 360 Services address these issues by providing a market platform and a centralized service.

The below services are the first of many in Xchanging’s Binder 360 Services suite:

The Bordereaux Transformation Service removes the complex and arduous task of mapping, cleansing and validating risk, premium and claim bordereaux. Non-standard risk, premium and claim bordereaux are converted, through data mapping and cleansing, into a number of ‘Binder 360’ standard formats which use the ACORD data standards and follow Lloyd’s Minimum Standards and the requirements of the Data Control Framework.

Developed in partnership with Watertrace, Bordereaux Transformation Service offers:

  • Removed requirement to map bordereaux
  • Reduced effort for bordereaux cleansing
  • Reduced administration of bordereaux exceptions and queries
  • Streamlined Bureau processing capability
  • Improved MI and reporting capabilities
  • Access to all data, both lead and follow
  • Improved overall efficiency and effectiveness
  • No set up charges and transactional based pricing

Download Bordereaux Transformation Factsheet

 

This service makes risk bordereaux available to registered insurers where they operate in a following insurer capacity and typically don’t see the bordereaux information. Bordereaux are received from the lead insurer or broker and made available to the registered followers via the Insurers’ Market Repository (IMR).

This elective service is complimentary for subscribing insurers.

Case studies

Global Personal Technology Company - Perfect Product Testing
Technology Services
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Global Personal Technology Company - Perfect Product Testing

Technology Services

CHALLENGE

To help a renowned manufacturer of laptop PCs optimise its product testing resource

SOLUTION

01 Offer immediate and attractive cost savings from our testing laboratory in Singapore

02 Demonstrate world-class credentials in Product Assurance (PA)

03 Provide the required resources for qualifying new systems, sub-systems and applications for the customer

RESULTS

1 The customer can now rely on support from over 40 technically certified professionals spread between Japan, Singapore, Malaysia and India

2 We have consistently achieved customer satisfaction levels of more than 90% in PA services

Customer satisfaction levels of more than
90%

Global Insurance Broker - Making The Leap From ‘Good’ to ‘Great’
Managed Business Processes
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Global Insurance Broker - Making The Leap From ‘Good’ to ‘Great’

Managed Business Processes

CHALLENGE

To help a top global insurance broker make its next big leap: become the provider of choice for integrated employee benefit solutions and grow revenue by 50% within five years

SOLUTION

01 Enhance operational performance, optimise process efficiency, and instil a mindset of continuous improvement

02 Put to work our expertise in offshoring F&A processes including accounts payable, accounts receivable, general accounting, reconciliations, taxation, fixed asset accounting and reporting

03 Implement process improvements in a timely and effective way

RESULTS

1 Costs cut by 40% due to labour arbitrage

2 Quality up from 95% to 99.5%

Costs cut by
40%

Quality lifted to
99.5%

RFIB - Flexibility and configurability to stay ahead of the game
Insurance Software
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RFIB - Flexibility and configurability to stay ahead of the game

Insurance Software

CHALLENGE

RFIB operates in a highly complex environment that requires a seamless and integrated broking solution with multi-national capabilities.

RFIB needs watertight systems and processes to meet the stringent compliance requirements of a heavily regulated insurance market.

 

SOLUTION

  • RFIB uses the feature-rich capabilities of Brokasure to manage its entire wholesale insurance services business, including claims and policy administration for underwriting and broking.
  • Brokasure offers the automation and management of intricate end-to processing of quotes, policies, transactions and claims, often in multi-currency environments.

RESULTS

  • Enabling compliance – Brokasure enables RFIB to stay at the forefront of insurance regulations.
  • Configurability – RFIB has direct input into Brokasure enhancements through the Brokasure User Group.
  • Proactive partnership – Xuber’s continual process of review maintains efficiencies and to ensures standards of delivery.

“Xuber has a deep understanding of the challenges we face and the solutions we need to run our business,”

Mark Kinsella, Head of It, RFIB.

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