In This Issue
· CATEX Bordereau System has a new but familiar look
· Bordereau System now “purifies” data on command
· CATEX System can dramatically reduce fraud
Links to CATEX
To see a 10 minute video or to learn more please contact
Phone: 44 (0)20-7663-5656
Do you like your iPhone? You’ll love our new look!
We all hate websites that are hard to use. For example, if you pay your bills online with your bank it can take weeks to get comfortable with that process. If that’s not bad enough what happens when your bank is bought by a bigger bank and you have to learn yet another system? (It seems to happen with increasing frequency!)
There seems to be one company that’s immune to user complaints. That’s probably because of huge R&D investments and excellent product design. We all are enamored of Apple products right now whether it is your iPhone, iPad or iPod. One very good reason for their popularity is that they are easy to use.
We’ve taken note of this and redesigned the user interface to the CATEX Bordereau/Program Management System. The brilliant idea of associating an “icon” with an application is replicated now on our system. The welcome screen to our system now features a familiar icon-based navigation page allowing a user to go anywhere on the system with one click.
We’ve had to create our own icons of course. We didn’t see any (and obviously couldn’t have used them) icons for “claims”, “facility”, “policies” , etc., but we think that you’ll recognize them all in short order. Let us know if you have any suggestions. Better yet, if you want to see a demo of the new system, let us know.
Data is great…unless it’s inconsistent
CATEX has launched its latest bordereau management module named DataPure. Our Bordereau Management System allows users to upload bordereau in the various and disparate formats they receive from coverholders, and to map those into a consistent format for database entry and reporting and analysis. Now, with the Data Pure module, users can purify the data within those bordereaux to create consistent clean data across the entire book.
The results of bad data can be the same as bad ingredients
As an example, trade codes are famously reported inconsistently across coverholders. With the introduction of the DataPure feature the trade codes can now be stored as consistent values across entire books and portfolio enabling underwriters to carry out the valuable but often elusive analysis.
By using the new data purification feature, CATEX Bordereau/Program Platform users can instantly adjust their systems to identify and modify any change in terminology particular to a bordereau sender. Instead of creating another column in a spreadsheet the data can be designated to the exact underwriting value thereby increasing the data available to the underwriter or regulator.
More data good for underwriters?
Having more data, easily retrievable and placed with similar data is better than segregating that same data only because someone neglected to name it properly, isn’t it? We think so.
BEWARE: Fraud just became more difficult
This one is a little tricky because we, like you, assume that everyone is honest. But in the real bordereau world we know that regulators think that some location data is not reviewed by anyone from the time it’s taken in at the retail level until it hits the syndicates’ balance sheet. Hopefully, that’s the rare exception but even if it’s only a few and far between event that means that a market could be counting this as it’s insured:
but unfortunately might discover that this is actually the insured property.
The Bordereau/Program Management System will help you to spot this discrepancy. If your records show a motel on the beach you can click through to the Bordereau System exposure map and find your motel located right where you thought it was. But, using that same street level derived data set, you could search for the name of the insured motel and learn that it may be far, far away from the beach. Your system will be able to pinpoint its location based on the entered address.
Want to have a Starbucks on us? Take a quiz.
If you get 4 of the 6 right we’ll send you a $5 gift certificate to Starbucks. It’s guaranteed and we’ll even throw in a few easy ones for you.
1. When was the War of 1812?
2. List four functions typically performed by insurance producers.
3. What is one significant effect of the Dodd-Franks Financial Reform Act in the US?
4. Which US President is buried in Grant’s Tomb in Manhattan?
5. When does the European community now plan for Solvency II to be implemented for insurers?
6. What was the approximate claim total for the US spring storms and tornados of this year?
Yes, we did “spot” you two of them. (No tricks!) To try the survey and get a free Starbucks click here: https://www.surveymonkey.com/s/WSHWJFY