Coforge Automated Bordereaux Processing Solution

Overview

Operating delegated authority business can be complex while processing bordereaux submissions in various formats and degrees of data quality. Working with spreadsheets from different stakeholders in the distribution chain can be time-consuming, inefficient, and prone to human error. When separate cover holders create bordereaux files for one carrier, the same data can end up presented in many different formats. There may be inconsistencies in how the data points themselves–date formats, addresses–are formatted.

All of these results in huge manual efforts spent in processing a bordereaux to the extent of:

• Team of 20-25 to manually handle tasks
• Team cost – £ 25,000 – £30,000 Annual cost / FTE
• Hours wasted - 20% on daily work
• Error caused and corrections required - 10% of cases
• Wastage of Cost - £9,000/FTE which translates to £ 200,000/year

Key Features & Functionality

In the Binder Management lifecycle the solution provides:

• Automation mechanism in setting up incoming / outgoing binders.
• Recording Contract details, Uploading Documents and providing MI and data visualization dashboards.
• In the Bordereaux Processing component, the solution provides seamless processes for uploading incoming risk, claim and payment bordereaux from spreadsheet and mails.
• It also supports in mapping columns from source to target. It provides capability to map values to a standard list for consistency and easier reporting.
• With all data standardized to a common format, the solution saves time enabling the users to support increasing data sets. The solution provides MI and data visualization based on bordereaux processing parameters like percentage processed, timing, number overdue etc.

Benefits & Business Impact

• Enables overall reduction of ~20-30% manual effort and elimination of Human errors.
• Optimizes efforts around managing incoming bordereaux in multiple formats and producing out-going bordereaux in multiple formats for different parties.
• Provides bordereaux links to facilities and gives the ability to effectively respond to changes, additional data requirements with ease.
• Supports increasing data protection regulations with better data management and compliance features.
• Ensures data quality to business rules and supports Lloyds mandatory standards. Validation rules prevent payment and claims being processed with a corresponding risk.
• Reduces the chance of writing risk outside of binding agreements.