The London-based business process, procurement and technology services provider Xchanging announced the launch of its bordereaux transformation solution, ‘Binder 360 Services’, to an audience of more than 130 insurance professionals.
The Binder 360 Bordereaux Transformation Service was developed in a partnership between Xchanging Ins-sure Services (XIS) and Watertrace. “It offers insurers an XIS-managed market platform facility that addresses the mapping, cleansing and query management of risk, premium and claim bordereaux,” the bulletin explained. “The service converts all non-standard bordereaux information into consistent outputs incorporating recognized industry standards including ACORD and the Lloyd’s Minimum Standards.”
Xchanging said the “benefits of the Binder 360 Bordereaux Transformation Service include a significant reduction in cost and administration, and elimination of the need for additional mapping and cleansing of bordereaux. The transactional nature of the service, which has no implementation charges or minimum commitment level, offers users the freedom to utilize the facility according to their evolving business requirements.
“The solution also improves reporting capabilities by complying with strict regulatory and compliance requirements and ultimately helps users to improve their operational efficiency and effectiveness.” It is “the first in a number of tailored offerings within the Binder 360 Services Suite that will be launched throughout 2014,” Xchanging said.
Xchanging Insurance Services COO Rob Myers said: “We are delighted to announce the launch of Binder 360 Services today in partnership with Watertrace. XIS has listened to customers, anticipated needs and taken the initiative to develop and present a shared service which addresses significant data and process inefficiencies. We look forward to working with customers through 2014 on the take-up of Binder 360 and a wider portfolio of related binding authority management services.”
Mike Barr, MD, Watertrace, commented: “Watertrace is excited to have partnered with XIS to help develop the Binder 360 Bordereaux Transformation Service. This new service will bring genuine efficiency and cost savings to the market and ultimately deliver an enhanced experience to customers.”