Bordereaux is a French word meaning “list” or “schedule.” In the insurance industry, bordereaux refers to the list of policies that have been written by an insurer during a given period of time. Every policy has its own bordereau, and insurers use bordereaux to keep track of their policyholders and claims.
Bordereaux are typically generated manually, which can be time-consuming and error-prone. That’s why more and more insurers are turning to automation to streamline the process. Here are five reasons why insurers need to automate their bordereaux:
1. Saves Time
The most obvious benefit of automating your bordereaux is that it saves time. When you automate the process, you no longer have to input data manually, which can free up your staff to do other tasks.
2. Reduces Errors
Another benefit of automating your bordereaux is that it reduces errors. When data is inputted manually, there is always a risk of human error, such as typos or transposing numbers. This can lead to inaccurate bordereaux, which can in turn lead to problems down the road.
3. Helps You Comply with Regulations
In today’s regulated environment, it’s more important than ever for insurers to comply with underwriting guidelines and regulations. Automating your bordereaux can help you comply with these regulations by ensuring that all data is accurately captured and reported.
4. Increases Efficiency
Automating your bordereaux can also increase efficiency within your organization. When data is inputted manually, it often has to be re-entered into multiple systems, which can lead to duplication of effort and wasted time. But when you automate your bordereaux, this data can be seamlessly integrated into your existing systems, which can help boost efficiency.
5. Improves Customer Service
Finally, automating your bordereaux can also improve customer service. When data is inputted manually, it can often take days or even weeks for changes to be reflected in your systems. But when you automate your bordereaux, changes are reflected immediately, which can help you provide faster and better service to your policyholders.
As you can see, there are many reasons why insurers need to automate their bordereaux. From saving time and reducing errors to increasing efficiency and improving customer service, automating your bordereau process offers a host of benefits that any insurer would be foolish not to take advantage of. So if you’re still doing things the old-fashioned way, now is the time to make the switch to automation!
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