The Princeton NJ-based Catastrophe Risk Exchange (CATEX) and London-based TriSystems, both providers of technology platform and services to the global insurance and reinsurance industries, announced a strategic partnership “to deliver a full end-to-end solution for bordereau formatting, processing and reporting.
“The CATEX Bordereau Management System has integrated the TriSystems UMG TransForm front end application enabling users to submit bordereau files in a range of file type and in any format that will automatically format to a defined standard for immediate upload into the CATEX Bordereau Management System,” the bulletin continued.
CATEX explained that the system “accepts risk bordereaux, written premium bordereaux, settled premium bordereaux and claims bordereaux. The system creates underlying risk records, matches settled premium, APs and RPs against those risks and allows full reporting at underlying or aggregate level. Uploaded claim bordereaux create claim records which attach to the appropriate risk record and subsequent claim bordereau will track the development of claims. The Bordereau Management System gives users the same degree of information on risks, premium and claims as if they had written the business directly on their own platform.”
The bulletin added that the system “enables users to report at any level they choose and on any basis. Examples of reports include, Loss Ratios, Underwriting Triangles, Loss Development, Budget vs. Reported vs. Actual, Aggregate Extracts for modeling, Coverholder/Facility Development and Analysis, Trend Tracking, Troubleshooting (i.e., excessive AP’s, RPs, risks with no premium, claims with no risks), Coverholder/Facility Audit Identification ,Trends by Trade, and Risks by Zip Code.
Frank Fortunato, CEO of CATEX, commented: “With the addition of the TriSystems UMG TransForm application the front door of our Bordereau Management System is now wide open for any bordereau upload. We can now take in bordereau information –in virtually any format –and quickly convert it for system use. We are able to manage and report activity for bordereau risks in an unprecedented granular manner. With the Transform addition any of our clients will easily be able to quickly add bordereau in any format to our system –it is the final piece to solving a market problem that has been receiving considerable attention lately”.
Jeff Ward, Business Development Director of TriSystems, described the partnership as another milestone in the company’s continuing commitment towards London Market modernization: “On the back of our recent launch of electronic broking service Lime-St.com, TriSystems is excited to have formed this partnership with CATEX, whereby both companies can provide market practitioners with substantial enhancements to the process involving all forms of bordereaux and deliver quantifiable benefits to their day-to-day business dealings.”
Sources, CATEX, TriSystems
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