your data can be managed and reported by automatically associating claims bordereau with premium bordereau.
A syndicate can even make the web-based system available to its
coverholders to provide an increased arsenal of underwriting tools available. If the coverholder can gain a better view of the business being bound on behalf of his market, better underwriting decisions can be made.
The system offers real-time ability to monitor the performance of a
specific insured risk contained within a large bordereau. From reviewing a small disaggregated granule (one truck, one location address, etc.), the ‘zoom out’ feature lets you look at groups of risk, including entire product lines and zip codes layered by any data parameter you can imagine.
The Bordereau/Program Management System is in operation now
with several syndicates and MGAs. It has been so successful that treaty underwriters have asked whether the system can break down the thousands of insured risks included in a treaty. It can. Instead of underwriting big blocks of risk locations, you can specifically separate and underwrite the problem risks.
Montanaro has said that Lloyd’s does not envision setting a hard
and fast date by which bordereau data needs to be better managed. He notes that new MGAs and syndicates must now prove that their bordereau systems can manage risks at a disaggregated level before being approved.
For syndicates and MGAs already in operation, he has said that it is
Lloyd’s expectation that bordereau compliance will come instead from competitive pressure rather than regulation. Simply put, syndicates, MGAs, coverholders and programme brokers that can better manage individual risks will perform better and earn more money.
The Pivot Point Bordereau/Program Management System can help
you to perform better and earn more money on your bordereau and programme business.
Contact us to see the system for yourself.
Francis X Fortunato is chief executive officer at CATEX. He can be contacted at
ffortunato@catex.com
Summer 2011 | INTELLIGENT INSURER | 59
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