Pivot Point Bordereau Management System & Data Vera

London and Princeton, October 23, 2014

RFIB is an independent international insurance and reinsurance broker and is majority owned by management and staff. Its headquarters is in the heart of the City of London's insurance sector and it has seven offices in major international centers.

RFIB is active in the delegated authority business and maintains relationships with numerous US, Canadian and UK cover holders. Binder business by definition requires RFIB, acting as the broker, to coordinate and facilitate the transfer of vast amounts of risk related data from the cover holder to the market. Most of that data is transmitted via Excel spreadsheets.

Excel data coming in disparate formats from many multiple senders’ required intensive effort to validate and format. Frequent backlogs could ensue as the manual effort needed to meet underwriter demands.

Due to an increased emphasis on the accuracy and quality of this data, initiated by Lloyd’s several years ago, RFIB concluded that it required a single new delegated authority system to manage risk data including risk characteristics, premiums, claims, settlement and reporting data.

RFIB was determined that this new system would serve its cover holders better by managing risks, premiums and claims on a single platform. RFIB wanted the new system to provide enhanced portfolio analysis for its cover holders to offer them a more detailed view of their business in a format they could use as their own system of record. RFIB was also determined to reduce the cost and time associated with bordereau processing and to provide better data and MI to its markets.

Finally, RFIB was interested in capitalizing on the “Big Data” theme and was determined to capture better business intelligence from the new system to drive increased business.

RFIB consulted with its own brokers and its binder market underwriters and compiled a “wish list” for the capabilities of a new system. Specifically RFIB had identified the following needs it required be addressed by any new system choice.

1. RFIB needed to transform its binder data for premiums, claims, risks and settlements into structured, homogenous data.

2. RFIB sought increased productivity benefits as Excel spreadsheet mapping and formatting consumed valuable time.

3. RFIB wanted to provide better quality data to market underwriters to help “differentiate” themselves from competitors.

4. RFIB required a “failsafe” audit trail for each and every change or modification made to any data cell on an Excel received from a cover holder and passed to an underwriter.

5. Finally, RFIB had determined that it would set a goal of learning as much as, if not more, about the risks included in any binder than did the underwriter insuring them.

Data Vera and Pivot Point Bordereau Management System
Following an extensive review of system options available in the market RFIB selected the CATEX Pivot Point Delegated Authority Management System. By implementing the CATEX system RFIB has been able to achieve the following results.

1. All legacy binder data has been loaded into the CATEX system using the CATEX Vera application that auto-reviewed and corrected tens of millions of data cell for accuracy and completeness prior to upload. The process is highly automated and there is no more manual processing of spreadsheets. CATEX BPO services assisted RFIB in clearing the data backlog.

2. Each bordereau file was the recipient of an audit certificate produced by the CATEX system identifying completely and specifically each and every data change made to an incoming file. Enterprise-wide data quality is the result.

3. The CATEX system allowed RFIB to bring premium, claims, risk location and settlement data together on one system so that all transaction information pertaining to any binder or risk is instantly reportable by the system. The single solution now manages the entire binder management process.

4. The CATEX system has provided immense productivity gains to RFIB by greatly reducing bordereau upload time and vastly increased data accuracy.

5. The extranet feature of the web-based CATEX system has made data reporting benefits available to RFIB cover holders and RFIB markets.

6. RFIB is now confident that it does indeed know as much (if not more) about its binder risks as do the underwriters insuring them.

Key Benefits to RFIB
1. Data automation

2. Increased productivity

3. Enhanced data analysis

4. Web-based digital repository of all its binder data universally accessible

5. Extranet links to cover holders and markets

6. Excellent value

To see a 23 minute presentation delivered at the ACORD Club of Lloyd’s on October 23, 2014 by Mark Kinsella, Head of Information Systems and Services at RFIB, David Belsham, RFIB Divisional Director and Tom Bailey, Chairman of CATEX Europe please Click here.