Bordereaux IQ

Bordereaux IQ Overview

Bordereaux management is a complex process involving a mass of information about premiums, claims and other insurance tasks and accountabilities. Insurers and their brokers, coverholders and TPAs must regularly exchange information to oversee policy portfolios and manage risks and premiums and claims liabilities. However, because of manual processing and the multitude and variety of bordereau sources and formats, mistakes can creep in and compound as information flows back and forth.

That is why, there is a need for a better way to manage bordereaux at the start of the information flow to ensure confidence that mistakes can be spotted and corrected before information is sent to a counterparty and added to a bordereaux management system.

Bordereaux IQ, a powerful new AI tool from Charles Taylor InsureTech, provides this confidence and accuracy.

AI-Powered Bordereaux Management

There is now a more intelligent and precise way to manage bordereaux work flows.

Bordereaux IQ, a powerful new AI tool from Charles Taylor InsureTech, developed with Microsoft, is a smart technology assistant that screens all bordereau files and records within before transferring them to a bordereaux management system such as Tide. It improves bordereau reliability from the outset, avoiding issues that would emerge later if ‘unclean’ data has been exchanged between counterparties.

Bordereaux IQ is a standalone SaaS application that employs the latest AI technology to spot errors and inconsistencies. It will cleanse and repair faulty data before forwarding it to a counterparty and can be used by anyone in the insurance community who needs to handle bordereaux.

If corrections can’t be made at the source, Bordereaux IQ will converse with the bordereau sender, highlight the problem and request the right data. Once the data is supplied it will enhance the bordereau with the correct information and follow up until the errors have been resolved.

Smart Bordereaux Data Management

What makes Bordereaux IQ so powerful is the combination of generative AI and agentic AI. Generative AI is continually evolving and becoming more refined and responsive, while agentic AI adds a new dimension to artificial intelligence and its role in insurance.

Agentic AI is a proactive technology that can think and act autonomously. Blending machine learning, natural language processing, and automation, agentic AI can ingest large amounts of diverse information, analyse it and make intelligent decisions about accuracy.

Key features and benefits

Ingests, reads, validates, and remediates all data types

Saves time and reduces operational costs

Can be used with any bordereaux management system

Converts bordereau to the Lloyd’s 5.2 Coverholder Reporting Standards

Versatile and easy-to-use interface, enabling users to tailor the AI to specific requirements.

Can be used by anyone in the bordereaux value chain (insurers, reinsurers, MGAs, etc).

Identifies mismatched country/address details, mismatched currencies, and other inconsistencies and anomalies

Promotes straight-through processing and enables bordereaux to be managed more efficiently and reliably from the outset

Bordereaux IQ is a natural complement to Tide, Charles Taylor InsureTech’s bordereaux management platform.

As standalone tool, it will also work seamlessly with any other bordereaux platform, providing an effective first-step AI solution for data cleansing and repair. Additionally because it is built on the most advanced AI technologies, it will continue to evolve as an intelligent assistant for data screening and processing.

"We are replacing IT systems that are almost 30 years old. We needed a partner that could help us in implementing standard insurance processes that are generic rather than product specific so that we could use the same approach for all our products. Charles Taylor InsureTech has been this fantastic partner for us and this will help us create new products more quickly."

Ron van Eijk, Program Manager, Dela

"I can certainly say that today we have a partner in Charles Taylor InsureTech that has the expertise and agility to help us in the implementation of our strategic and operational business vision, and has bought into and shares that vision with us."

Jeannette Palacios, Project Manager for Core Change, Sura Seguros

"We were looking for a strategic technology partner to work closely with us in our ongoing plans to modernise the group. Charles Taylor InsureTech has made a clear long-term commitment to building its business in Latin America and has the global reach to support our growth ambitions. Its solutions and capabilities are also highly rated by independent analysts."

Luis Ramos, CIO, Seguros SURA Corporate

"(The Core transformation) wasn’t an easy process to start, but Charles Taylor InsureTech knew how to bring about change in their teams and vision. Today, they are a partner helping us in implementation – with the business vision and agility we need. We want to continue along this vein with all the developments we are seeing in the world of insurance."

Seguros SURA, Core Transformation Project Manager

"Through the new Core, we are integrating different platforms with different fronts so that clients can login and have a good experience. Charles Taylor InsureTech has been a great partner to help achieve this."

Seguros SURA, Core Transformation Project Management Leader