Insurance brokers play an important role in the transaction value chain, and through the implementation of a data management system, this can help them carry out their role more effectively and efficiently. By managing data in such a way, brokers can also aid the carrier’s job. In this blog we take a look at some of the ways a data management system can benefit insurance brokers.
More accurate data reporting
In the transaction process bordereaux data passes from the broker to the carrier. This process can be made more efficient and accurate using a data management system. It gives the broker the opportunity to review the data, fix any errors or raise any queries, before it reaches the carrier, so they receive more accurate information in a consistent format.
Flexibility to capture additional data
Having a flexible bordereaux management system can provide brokers with the ability to set powerful mapping and data transformation tools simply and easily. Built in self-service functionality allows for additional data capture fields, which provides the functionality to capture all the data on a bordereau that the broker requires.
Complete control of data transactions
A bordereaux management system with advanced mapping and data transformation tools will allow brokers to; set calculations, insert default values, join and split data, add and set up conditional logic and lookup tables based on their defined values. Comprehensive validations will ensure that the data is processed to a high standard and by giving the end user the choice of which validations should halt the processing and which should be warnings, the whole process is put under the brokers complete control.
Easily extract data for specific purposes
Unrestricted access to processed data and the ability to produce powerful management information and dashboards is an essential component of a bordereaux management tool. With high-quality, standardised data, it makes the job of extracting data for a variety of different purposes, including regulatory reporting and importing data into other systems, easy.
Everything you need in one system
It is important when choosing an insurance data solution that it meets all your needs, as poor quality data can cost your business time and money. This includes being able to easily digest data and create reports. Our Intrali bordereaux management system is the perfect insurance software for brokers. It provides everything in one product, allowing you to take complete control of your data, check and customise validations and produce reports. Plus, you’ll also have support at your fingertips from an experienced team you can rely on.
Find out more about VIPR’s bordereaux processing management solution, Intrali, here.