System Eliminates Raw Data Manipulation and Slashes Processing Time
London/New York, March 2, 2022 – Anyone who has touched a bordereaux system knows first-hand the pain of collecting and manually cleansing the raw data. A challenging and time-intensive system, bordereaux’s clunky infrastructure has always made it difficult for users to process and analyze data in real time. Until now.
In the time it usually takes to cleanse one data column, London-based distriBind’s bordereaux transformation engine will configure a spreadsheet of raw data into an easy-to-read, multi-format report ready for analysis. And through a newly formed relationship with U.S.-based Stere, U.S. carriers, reinsurers, and managing general agents (MGAs) now have easy access to this revolutionary system.
Developed with input from industry-leading underwriters and claims executives and tested in Lloyd’s Lab, distriBind’s system redefines the bordereaux landscape through a one-two punch. First, it completely eliminates one of the industry’s most onerous tasks - manual data manipulation. Second, it automatically produces a detailed report that includes customizable monthly data analysis capabilities and issue notification.
distriBind is the latest addition to Stere’s program placement digital ecosystem, a one-stop-shop that tackles speed-to-market, capacity sourcing, and other challenges facing MGAs, insurtechs, and embedded insurance programs. Stere’s superior selection engine improves program owner success rate by pairing human intuition with well-designed technology. It is a combination that eliminates manual capacity placement pain points and inefficient post-placement steps plaguing the industry.
“I am absolutely delighted to announce this partnership with Stere, which accelerates our growth into the crucial US Delegated Market,” said distriBind Founder and CEO Dave Connors. “From the first time I met Dogan, I was struck by his passion for bringing innovation to this market and enthusiasm for the benefits of automation. Harnessing distriBind’s automated reporting to Stere’s cutting-edge program placement marketplace is a no-brainer that will provide huge benefits to agents and carriers in the US.”
distriBind’s system, which received an Innovate UK grant for its AI Premium Capacity Utilisation Predictive Algorithms, has already been adopted by a broad range of MGAs, brokers, and insurers across the European and London markets to streamline their bordereaux process through real-time data visibility and reduction in operational costs and process errors.
“distriBind has solved a long-running, systemic industry problem with a product that seamlessly adapts to any market or deal framework, something that makes it ideally suited to the bespoke needs of Stere’s global client base,” said Stere CEO Dogan Kaleli. “Through this partnership, we can offer clients a flexible program that truly turns bordereaux processing on its head, and I am excited by the operational improvements this will bring to all industry players.”
Through the distriBind system, Stere users will receive:
· Real-time APIs that allow for real-time pass through of data from distribution to capacity
· Powerful and detailed validation at the transaction level
· Automated reconciliation of the full written/premium/cash cycle
· The ability to easily receive or send data to-from business partners in any format
· OCR and smart ingestion algorithms that digitize PDFs and spreadsheets
· Powerful analytics including portfolio-level capacity prediction
· Be able to manage the full life-cycle of risk, premium and claims
· A flexible data model offers granularity without legacy constraint
· A DA ecosystem for sharing information across the value chain
distriBind is a London-based InsurTech company dedicated to solving problems caused by bordereaux. Its AI-powered, next-generation delegated authority platform is the first in the market to properly address these widely recognised problems. distriBind can assist MGAs and coverholders, whether they distribute using traditional ‘relationship-based’ sales methods or use digital distribution via app, portal or digital quote & bind by automation of back office and reporting, while also providing capacity providers with powerful portfolio management capabilities. A Cohort 6 Lloyd’s Lab participant, distriBind has previously been awarded a grant by Innovate UK to enhance its AI predictive engine and was the runner-up in the ACORD Insurtech Innovation Challenge London 2020. For more information about distriBind, please visit www.distribind.io.
Stere is a digital ecosystem for insurance programs. With Stere, program leaders source capacity and access digital tools to launch sooner and grow faster and smarter. Stere clients are “capacity seekers” such as MGAs, program administrators, and embedded insurance programs, along with their ecosystem partners such as carriers, fronting carriers, reinsurers, brokers, program consultants, and technology providers. Visit www.stere.io or email email@example.com for a demo.