Transform Binder Management with Confidence
Manual bordereaux processing can slow progress and limit insight. BinderCloud helps brokers and carriers streamline workflows, improve accuracy, and stay compliant. This reduces issues such as:
Time consuming processes
Managing and validating large datasets manually in Excel is extremely time-consuming.
Accuracy issues
Manually checking data against contract terms is prone to errors, especially with large volumes of data, leading to potential inaccuracies.
Limited reporting capabilities
Spreadsheets lack the robust reporting tools needed to generate timely, actionable insights—making it harder to track performance or identify trends.
Regulatory compliance risks
Manual data management risks inaccurate and untimely regulatory reporting, increasing compliance risks across jurisdictions.
Velonetic’s Delegated Underwriting Services, powered by BinderCloud, offers a unique managed service for seamless binder processing.
Built on a secure, cloud-based platform with a document repository, mapping studio, and reporting tools, it ensures controlled access, and significantly improves the speed, accuracy and compliance of data sharing between different parties across the London insurance market and beyond.
Automated bordereaux tracking, chasing, validation and transformation.
A document repository portal allowing access to documents and information relating to a risk.
Mapping studio allowing easy configuration for loading, transforming and validating bordereaux data.
A permission-controlled user access function and trading partner management for data exchange and reporting.
Client defined bordereaux output file.
Web services / API capability to support connectivity to third-party systems.
A fully auditable, interactive workflow capability eliminating the need for emails.
Data extract in SQL Server format. Comprehensive Built in reporting and Qlik Sense Integration “BinderCloud Analytics”.
Cloud based software hosted on Microsoft Azure allowing for rapid Onboarding without any internal hosting requirements.
Implementing BinderCloud
Simplicity, usability, and efficiency are at the heart of BinderCloud and Delegated Underwriting services.
BinderCloud has a fully full interactive workflow capability eliminating the need for emails and has automated notifications and reminder emails to the broker and cover holder / MGA as needed.
Map
Velonetic maps the incoming bordereaux in line with defined market standards and client requirements.
Validate
Automated validation of incoming bordereaux data against binder information and business rules as defined by the binder contract and client.
Process
Process the incoming unstructured bordereaux into a consistent format for storage within the database and consumption by the client.
Why choose BinderCloud?
BinderCloud offers cloud-based platform that comes with smooth implementation and managed serviced and data quality you can rely on. Learn more about why customers choose BinderCloud:
- Validation at point of bind reduces queries and claims disputes.
- Real-time connectivity (via XML) eliminates the need for producing bordereaux.
- Microsoft Azure cloud provides worldwide, round-the clock secure availability and scalability.
- Re-keying and error correction is minimised.
- Frees up time to improve management information and service.
- Shared repository provides timely, consistent, and accurate data to all relevant parties with controlled access.
- Built-in analytics speeds up the cover holder’s decision making process.
- Ability to consume the data relating to multiple contracts from one document as Velonetic DUS powered BinderCloud can split the data in the relevant contracts.
- Velonetic DUS powered BinderCloud handles multiple binder contracts, multiple Lloyd’s brokers and multiple carriers.
- Reminders and notifications provided to cover holders of due/overdue bordereaux.
- Comprehensive reporting analysis of granular level data.
- Reliable quality data and documents.
- Sophisticated mapping which handles complex formats.
- Automatic cross referencing and validation of risk, premium and claims data.
- The cover holder only sends risk data once as Velonetic DUS powered BinderCloud will distribute this data to all the relevant parties on the binding authority contract.
- Velonetic DUS powered BinderCloud is a single shared repository accessible by cover holders, MGAs, brokers, carriers and claims third-party adjusters.
- Ability to connect to cover holder / MGA systems.
- Cover holders can load the bordereaux themselves and also access information provided by their brokers or carriers.
- Email alerts ensure that all trading partners are notified of attached documentation and latest updates.
- Supports full policy and claim life cycle.
- Dedicated Velonetic resources to assist customers with technical queries, offer technical support, system training, guidance on market initiatives, quality control and help provide proactive solutions to bordereaux data issues.
- Dedicated service team mapping and processing bordereaux and XML to agreed data standards to ensure consistent, concise and complete data to meet customer’s business and regulatory reporting requirements.
- Fully REST API enabled to allow Velonetic DUS powered BinderCloud software to integrate with third-party systems with ease.
- Velonetic DUS powered BinderCloud software is a single instance SAAS platform, all customers receive system and functionality upgrades at the same time avoiding issues with version control.
- Velonetic DUS powered BinderCloud software has a fully auditable integrated end-to-end workflow, this provides complete transparency over the service for all relevant parties and eliminates the need for emails.
Velonetic has an impressive approach to onboarding new clients, which includes assigning effective project management resource and subject matter expertise. Furthermore, statements of work and associated process maps are defined in collaboration with the client and to a high degree of specificity.
Post onboarding, the Velonetic team maintain a high degree of focus to ensure that contractual obligations are delivered. Time and quality SLAs have been consistently delivered and performance is monitored through a robust monthly governance framework, which is underpinned by a comprehensive data pack.
Velonetic place a strong emphasis on customer relationship management. Our key points of contact are readily available to assist with any queries or troubleshooting.
We value Velonetic as an outsourcing partner and their level of professionalism provides peace of mind.
Marcus Bale
COO, Probitas 1492
Experience faster, easier and compliant binder management and bordereaux processes.