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
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.