OneWorld Instech, an insurance technology provider offering solutions built on microservices, has introduced A&H Bordereaux Services, a cloud-based Bordereaux Services for Accident and Health (A&H) Insurance.
Image: OneWorld Instech launches Accident and Health (A&H) Insurance. Photo: Courtesy of everydayplus/FreeDigitalPhotos.net
Available for MGAs, MGUs, TPAs, carriers, and reinsurers, OneWorld’s Bordereaux Services simplifies the creation, delivery, import, and processing of bordereaux reports.
Traditionally a highly-manual and often error-prone process, the creation, transfer and ingestion of bordereaux reports has continued to be a challenge for all stakeholders in the A&H insurance process. With OneWorld Instech’s Cloud-based Bordereaux Services the process can now be completed much easier and quicker, and with a higher degree of data accuracy and quality.
For MGAs, MGUs, and TPAs, OneWorld’s A&H Bordereaux Services allows business users to easily extract needed data from disparate systems, aggregate the data and configure a comprehensive transaction report based on their selected criteria, such as a specific time period, by product, etc. Once the report is created and formatted, it can then be transmitted to a carrier or reinsurer for processing.
For A&H carriers and reinsurers, OneWorld’s Bordereaux Services provides the automated import, mapping and validation of data received from multiple MGAs, MGUs, or TPAs. Carriers and reinsurers can deploy the Bordereaux Services solution as a stand-alone system or as an integrated component of an insurer’s or reinsurer’s policy administration environment.
Feature highlights of OneWorld’s A&H Bordereaux Services solution include, but are not limited to:
- Increased automation, significantly reduced time, and enhanced data quality for bordereaux reporting and processing
- Creation of either ‘Book of Business’ or ‘Transactional’ based data files
- Bordereaux report creation, including data aggregation from multiple disparate data sources and/or multiple formats
- Business user creation and maintenance of data lookup tables
- A robust and flexible set of business rules configurable by business users versus IT staff
- Supports default of custom output data set for differing types of bordereaux files
- Outputs data to a SQL database, Excel file, or XML
- Premium, cash and claims bordereaux processing
OneWorld Instech Americas President Wendy Aarons-Corman said: “We saw bordereaux reporting as an underserved need and a great opportunity to apply technology to bring a significant value to the A&H insurance community – from MGAs, MGUs, and TPAs who produce the reports to the insurers and reinsurers who need to ingest and process the data.
“Our A&H Bordereaux Services solution is the first in a series of targeted new capabilities that we will be introducing. Our goal as a company is to move quickly to develop and introduce new capabilities to the market that address specific needs and that easily integrate into a client’s existing environment.”
Source: Company Press Release