distriBind – The Missing Piece for Delegated Authority
Written at Sep 26, 2023 2:34:53 PM by Ksenia Gorska
Delegated Authority brings together the strengths of insurers and intermediaries, such as agents, brokers and managing general agents (MGAs), creating a synergy that benefits both the industry and the clients it serves. However, at the heart of this symbiotic relationship lies the accuracy and the quality of the data at hand.
Why is data validation so important and why should you use a tool like distriBind to augment your skilled teams?
1. Risk Mitigation
Data validation acts as a safeguard against errors, omissions and misrepresentations. distriBind offers a set of pre-built as well as configurable validations across the whole insurance lifecycle: Risk, Premium and Claims. The system will immediately flag any data that does not meet the pre-set terms and display it in one of our user-friendly Error Screens.
Do you want to ensure that your business partners adhere to the contract guidelines and allow your teams to manage by exception? Don’t wait!
One of our major clients has identified claims worth up to 1.5million Euros that they wouldn’t have paid had they been using distriBind earlier and spotted policies that were written out of terms!
2. Compliance Adherence
In a heavily regulated industry such as insurance, compliance with legal and industry rules is non-negotiable. Every business entity needs to ensure that its intermediaries uphold the standards and guidelines set out in delegated contracts as well as laws and regulations within the relevant market and territory, therefore making data accuracy vital for maintaining compliance.
3. Brand Reputation
Inconsistent and inaccurate underwriting decisions can harm one’s brand reputation and erode trust with clients. Appropriate data validation ensures that underwriting decisions made by intermediaries are consistent with the insurer’s brand image and standards, which is crucial for building long-term client relationships.
4. Transparent Communication
With distriBind you can easily exchange data between business partners across the value chain and send it upstream or downstream. Effective communication hinges on reliable data exchange and that’s what we specialise at!
5. Streamlined Operations
The efficiency gains associated with delegated authority can only be realised when the data exchanged is accurate and validated. Errors in data could lead to policy discrepancies, delays in issuance, or claims disputes. distriBind’s validation engine will help you ensure a smoother process from initial underwriting decisions to claims settlement, benefitting all the parties involved!
Want to find out more about distriBind and how it can benefit your Delegated Authority/Programme Business? Get in touch with us on email@example.com and schedule the demo of our platform!
Head of Innovation