CoverIQ™
Like X-Ray Vision for Bordereaux.
The key to profitable Program or Specialty business is being able to actually see and analyze the business being put on the books. With your distribution partners handling all of the policy processing and sending you a feed after the fact, you don’t always have the access to – or control over – the policies with your name on them. To try and automate the process is a nightmare. Policies are emailed, faxed or mailed to a processing center. Data quality is inconsistent, at best, and by the time it all reaches back-end systems, days or weeks have gone by.
Designed to streamline this process, CoverIQ™ is the first of its kind. Offering a scalable, service-oriented architecture that provides a unique approach to mapping the various Bordereaux formats, CoverIQ gives carriers an automated, consistent approach to processing their Specialty/Program business.
- Electronic Bordereaux capture gives underwriting a real-time view of policies on the books
- Versatile import functionality enables spreadsheet imports or XML feeds directly from MGA systems
- A unique mapping approach to handling varying formats and built-in data cleansing, augmentation (geo-coding, hazard info) and standardization technology significantly improves the quality of all inbound data
- A robust collection of reports give both MGA’s, brokers and underwriting accurate, up-to-date reports of risk distribution and overall Program/Binder performance.
- An adherence to ACORD XML and London Binding Authority spreadsheet standards and a flexible export approach allow downstream integration with back office systems, catastrophe modeling, policy administration, reinsurers, etc.
