Brokasure.X

Designed by insurance professionals for insurance professionals, Brokasure.X is the ideal application for processing your business across the insurance and reinsurance marketplace supporting both the London Market and international broker.

Brokasure.X provides powerful and robust automation of the entire insurance life cycle, including seamless integration with other core systems including the provision of electronic accounting and placing functionality. Brokasure.X provides a scalable solution for your business from single office deployments through to multi-national companies.

Risk processing

Brokasure.X supports the full insurance life cycle consisting of a range of integrated modules covering quotes, policies, transactions and claims. Brokasure.X contains a comprehensive risk detail capture facility, from quote through to firm order, allowing your business to record both the simplest and most complex of risks. The risk acts as the driver for all transaction processing, accounting and statistical reporting. The following features are fully supported:

  • multi-clients
  • multi-sections
  • multi-currencies
  • comprehensive treaty processing
  • broker and agent binders
  • flexible deductions.

The risk structure ensures accurate apportionment across participants, including brokerages and taxes. If appropriate, complete risks can be modelled for repeat or renewal business. Registers of insurable interests can be input and maintained in the system. Search facilities exist to allow the rapid retrieval of appropriate risks when claim notification is received.

An integrated tracking and workflow system allows user defined events to be captured and subsequent actions to be diarised. All market documentation is supported including placing and signing slips together with schedules all of which can be held in a variety of formats. Brokasure.X also supports full integration to multiple Document Management Systems.

Insurance transactions

The Transaction entry functions allow for multiple instalments processing with automatic calculation of effective dates and amounts. Transaction processing facilities include net postings, document only entries for settlement agreement and brokerage only transactions.

Claims processing

Full claims management facilities are provided including validation and processing to ensure claims are made against the correct version of risk data. A summary of features include:

  • claims transaction input, including separate
  • fee elements
  • loss groups
  • reinstatement processing
  • aggregate claims.

Accounts

Brokasure.X Accounts functionality incorporates a number of key facilities aimed at the control of financing and bad debt exposure, as well as optimising resource utilisation and costs:

  • accurate client and market structures recording
  • pay-as-paid facilities 
  • multiple legal entities, each with multiple banking currencies
  • automatic re-rating of convertible currency transactions 
  • powerful automatic account correlation facilities
  • BACS, SWIFT and cheque production interfaces
  • Electronic management of payments to clients and underwriters.

Managing financial resources

Facilities are provided to allow the customer to manage the company’s financial resources closely. Monitoring of aged debt, funding, held funds and regulatory compliance are a core part of the system. These are integrated throughout the ledger maintenance and reporting / MI facilities provided.

Multiple legal entities may be defined, allowing separate parts of the customers’ business to be accounted separately, each with its own trial balance in a variety of banking currencies.

Comprehensive ledger maintenance features

Accounts functionality provides facilities to allow the customers’ complex financial transactions to be recorded accurately and with a full audit trail. Comprehensive facilities are provided to reflect, among others, partial payments, direct settlements, mixed currency payments and receipts. Authority limits and approval structures are a core part of the system, ensuring that the customers’ processes are supported and enforced by the system and allied with pay-as-paid facilities provide tight cost control and audit trail.

Integration with external payment systems for electronic payment and cheque printing are provided to minimise risk and provide a fully audited payment process from initial request to final payment. Statements can be produced using a flexible, template-driven mechanism so that documents can be produced with branding and content appropriate to the type of business.

Bordereaux are produced interactively using a similar template-driven mechanism that provides granular control over business processed through to carriers.

Accounts reporting

A number of pre-defined reports (such as trial balance) as well as publishing targeted data extracts for customer analysis / reporting, e.g. brokerage, aged debt summary etc. are available through Brokasure.X.

Management information

The statistics data warehouse permits the customer to extract information for comprehensive management reporting and analysis, without impacting performance of the production database.

Brokasure.X facilitates the production of parameter driven management information using any third party reporting tools. Online functions, incorporating Windows Explorerstyle navigation, allow the user to perform simple ad hoc enquiries and searches. A set of standard reports is included.

Conversion and integration

Brokasure.X allows easy conversion and loading of data from legacy risk, claims and ledger systems. Via its Web Service components, it also allows integration with customers’ own front and back end systems.

e-Initiatives

Brokasure.X includes a fully integrated eAccounts component allowing electronic submission of Technical and Financial accounts messages. Brokasure.X also includes an integrated ePlacing / eEndorsement module supporting the electronic placement of risks and endorsements. It will continue to deliver support and extended adoption of messaging standards and integration opportunities.

Flexibility

Brokasure.X will introduce powerful configuration capability, at the heart of which is product definition. Product definition brings a consistent approach to supporting territorial variations across different lines of business and enables fast product-to-market timescales. Products can be single-line, multi-line or packages. Putting configuration tools into the hands of the business enables complete control over product design and deployment. 

User experience 

Flexible screen design, screen flow, rules-based validation and defaulting enable a streamlined user experience whilst ensuring consistency and control over the business process.

Insurance directory

Supporting the capture of related name and address data, Insurance Directory enables the management of all parties involved in the risk lifecycle.

Business process management 

A business process engine enables customers to define required behaviour to reflect their business processes rather than enforcing a particular process flow. With this embedded capability the implemented solution can optimise, automate and measure an organisation’s insurance processing workflow from first customer contact to claims settlement and every interaction in between.

Document Production 

Brokasure.X can produce documentation automatically or on demand by integrating with a third party document production engine.

Document management 

Brokasure.X can store documents in a central repository by integrating with a third party document management system (DMS). 

Integration and deployment 

With powerful configuration and data-mapping tools, the next generation of our insurance software products benefits from an architecture that supports multiple input channels (mobile, browser, messaging, ACORD etc.) as well as functional component deployment and integration, enabling our solutions to sit comfortably within an organisation’s best-ofbreed component based architecture.

Depth of functionality 

Our industry-leading software products provide unrivalled functionality for brokers, insurers and reinsurers of all classes of business: property, casualty, marine, aviation, engineering, motor fleet and more through the entire processing lifecycle. This depth of functionality is combined with scalable, flexible and expandable data processing as well as a rich, configurable user experience.

Technical innovation 

By utilising Microsoft .NET technologies, the next generation of our software products is supported by the latest methods of deployment and system management, including virtualisation and cloud computing, that today’s organisational architectures demand.