Are you backing the right horse?

Written at Jul 31, 2023 1:53:19 PM by Dave Connors

When distriBind started, our tagline was simple “Bordereaux-free Delegated Authority”.

It quickly became clear that this was too punchy. Everyone thought bordereaux were rubbish, but everyone thought they were to stay, or couldn’t imagine how they would be got rid of. Bordereaux were embedded in the architecture and infrastructure of the market: I have a Binding Authority wording in front of me where the word “Bordereau” or “Bordereaux” appears 33 times, a little less than once every 3 pages.

And so distriBind became “Pain Free Delegated Authority”, and then “The Future of Delegated Authority”

But the landscape of Delegated Authority is changing. Whether it’s via initiatives such as LMA’s DARE or the Under Forty London group, it’s clear that now people are willing and able to understand what Delegated Authority without bordereaux would look like.

distriBind can deliver that today - if you’re an MGA using digital distribution or a carrier providing capacity to digital MGAs we can eliminate bordereaux immediately. Our real-time APIs can deliver automated and immediate straight-through processing from policy sale to capacity reporting, including risk validation and premium reconciliation. distriBind offers Back Office Automation for MGAs, and powerful Portfolio Management for Insurers.

But distriBind recognise that one size does NOT fit all.

In fact, we’ve spent vastly more time, money and engineering effort on our bordereaux ingestion algorithms than on our APIs - that’s why they’re so great.

We don’t rely on the “Bordereaux Maps” of legacy platforms, we build flexible Data Models. This means no re-mapping because the spreadsheet has changed; no manually removing total/sub-total rows or the other frustrating tasks that means it can take 45 minutes or more just to get a bordereaux to upload to your “Bordereaux Management” system.

Even when received by bordereaux, we decouple every transaction so errors don’t hold up good data, but it’s always possible to “see what March looked like”.

There are a vast range of MGAs from global players to small teams, from InsurTechs with cutting-edge digital platforms to more traditional companies. No platform should slow any of these down, or force them to speed up. If you’re a capacity provider with MGAs like this, they can all report via distriBind: the digital MGAs in real-time, the traditional MGAs through bordereaux.

And it works the other way too - the Carriers with digital platforms and others with AS400. The Carriers with Lloyd’s v5.2 requirements and non-Lloyd’s carriers with different requirements. distriBind makes it easy to report to them all, via API or bordereaux, in whatever format they need, even if they’re on the same Binder.

Straight through processing. Automated reconciliation of premium and verification of claims. Collaborative error resolution. Bordereaux-free Delegated Authority.

We’re back to that tagline. Yes yes yes, bordereaux will be around for at least some participants for some time, but if you want them gone distriBind can deliver that to you today. With distriBind your bordereaux will be ingested better, but where they’re not needed they can be eliminated immediately.

Bordereaux Management means baked in obsolescence. The future is real-time reporting.

So if you’re looking at your DA operations and thinking you need a new “Bordereaux Management” system, are you backing the right horse?

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Dave Connors

CEO & Founder