DXC BinderCloud software and delegated underwriting services provide a complete solution for the receipt, transformation, validation and sharing of data provided on periodic risk, premium and claim bordereaux.
Manage opportunities afforded by delegated underwriting arrangements with leading technology that enhances the speed, accuracy and compliance of data sharing between all stakeholders. Improve visibility of the individual risk, premiums and claims processed on periodic bordereaux by managing general agents (MGAs) and Lloyd’s coverholders to enhance regulatory compliance and analytic capability.
Improve visibility, accuracy, and compliance and free up valuable time and cost
DXC BinderCloud software and DXC’s Delegated Underwriting Services provide a complete solution for the receipt, transformation, validation and sharing of data provided on periodic risk, premium and claim bordereaux. Employing a consistent approach to the mapping and transformation of binding authority bordereaux is critical to creating high-quality information that can be used for compliance and exposure management purposes. DXC BinderCloud can also go one step further by integrating with the source systems used by MGAs and coverholders to remove the bordereaux process and deliver real-time data transfer where required.
Created for the future
What does DXC BinderCloud provide a forward-thinking insurer or broker operating in the delegated authority market?
- Access to granular, high quality data: BinderCloud and Delegated Underwriting Services provide consistent and high-quality data to allow insurers (and brokers) to excel in the delegated authority market.
- Support for Lloyd’s and non-Lloyd’s business: DXC’s solution is as relevant in the non-Lloyd’s market as it is in the Lloyd’s market, meaning that it can be a single solution for composite insurers with a mixed book of business.
- Future-proofed technology: Periodic bordereaux will be a thing of the past at some point in the future when all coverholder and MGA systems are sophisticated enough to provide real-time data to insurers underpinning the delegated authority contracts.
Leading functionality
DXC BinderCloud has leading functionality to support the mapping and transformation of bordereaux, with the ability to apply business rules to enhance the quality of data ingested into the data vault. The repository stores all contract and bordereaux data — making this visible to all authorized parties on the binding authority contract.
Our unique Delegated Underwriting Services operation provides a consistent, cost-effective service, driving quality improvements and liberating time to focus on generating insights from the data provided. DXC BinderCloud runs as a multi-tenant application on Microsoft Azure as a software-as-a-service offering and is fully REST API-enabled to allow interoperability with third-party systems.
Key benefits of DXC BinderCloud:
- Access all data provided on bordereaux that would historically be difficult or impossible to review and interrogate
- See and analyse the business, whether writing on a lead or follow basis, as if it were written directly rather than via a third party
- Validate incoming data on receipt against pre-determined business rules to improve quality and enable continuous improvement
- Enhance compliance by seeing individual risks, premiums and claims, and understand who is insured for “know your customer” (KYC) compliance
- Meet Lloyd’s reporting standards for coverholder business
Why DXC?
Experience: DXC has 40+ years in the insurance industry, with more than 80 customers using our broking applications as their core systems of record.
Breadth of capabilities: DXC’s global scale in insurance, breadth of services, intellectual property and insurance expertise cannot be matched by competitors.
Digital experience: DXC has many active communities that represent more than 1,900 clients, combined with joint innovation programs and regulatory boards earning multiple client and industry awards.
Next-generation, digital focus: Next-generation offerings based on cloud infrastructure and new digital technology supported by DXC’s insurance professionals enable insurers and brokers to build a digital future while simultaneously transforming their legacy businesses.