approximately 70 percent, is currently
Lineage noted that the coverholder-to-Lineage upload process is Phase
2 of their “proof of concept” and that they knew that RFIB and CATEX planned to attack this area next.
IMPLEMENTING A SOLUTION From CATEX’s perspective, Phase 2 is the starting point for deployment of the company’s web-based Data Vera application. Data Vera imports any number of Excel spreadsheets and verifies the value in each individual cell against a business metric chosen by the user. Data Vera is capable of automatically correcting incoming data by measuring your previous corrective actions against similar data received in the past.
Data Vera performs these cleansing tasks after the data is uploaded into its database so the comparison metric it can use for “corrections” can be as broad or as narrow as the client likes. Once the data is ready Data Vera processes it for export into any number of export templates. One such export template planned for the Canadian coverholders is the Lineage template with
Data Vera has thus far exported Excel data to modelling templates,
CATEX responded to a market-wide request from Lineage last year and agreed to participate in the pilot. RFIB, a London broker which is a licensee of the CATEX Bordereau Management System, was eager to participate too. RFIB handles Canadian delegated authority business and was interested in working with CATEX and Lineage to develop a direct interface from Lineage into their CATEX Bordereau Management System.
In February, 2015 CATEX, RFIB and Lineage discussed the results of the pilot programme at a presentation in London attended by over 90 practitioners. There were a number of interesting observations made by both attendees and presenters. A complete video of the one-hour event may be found on the
CATEX.com website.
Practitioners were mainly interested in any automated interface of the Lineage system to their binder management systems. Lineage collects more than 100
The main interest that was revealed—prompted by anecdotes from participants telling of Canadian coverholders labouring on manual upload to Lineage by automating it as much as possible. Errors, data of Lineage uploads that are manually uploaded.
legacy systems, regulatory reports, claims systems and accounting systems. Adding the Lineage template as an export to be populated is logical next step and one well within Data Vera’s capabilities. It’s also an export that
Once CATEX achieves the Lineage export it will mean that Canadian
coverholders will be able either to use Data Vera to quickly and accurately convert their Excels to the Lineage template; or to transfer their Excels to another entity which uses Data Vera for upload to Lineage.
Regardless of the route they choose it will mean that the 70 percent of Canadian coverholders that do not currently automatically upload data to saving compared to the current practice.
From Lineage’s perspective it will mean cleaner data coming into its system more quickly and more accurately than before. And it could allow for the reporting period lag to be compressed too—and that will mean better reporting for the whole Canadian market.
How brokers implement this new technology with their Canadian clients will be an exciting process to watch.
Spring 2015 | INTELLIGENT INSURER | 43
SHUTTERSTOCK / VALERY SIDELNYKOV
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