Q&A: Charles Taylor InsureTech discusses London market digitalisation

1. What are the challenges for effective bordereaux management?

Bordereaux management is challenging because of the sheer volume, variety and complexity of data that needs to be gathered and processed. Validating and reconciling the data can be time consuming and labour intensive.

Ensuring accuracy is not easy when data quality and completeness can vary greatly and there are so many different formats and data points to integrate and check.

As a result, there is always a risk of errors or omissions, especially when a high degree of manual processing is involved.

The challenge is made harder still because of ever-evolving data compliance regulations.

2. What sort of innovations have there been in bordereaux management software?

Automation, artificial intelligence and machine learning are replacing traditional spreadsheet-based manual processing and repetitive tasks.

Digitalisation and the growth of cloud hosting and APIs are increasing speed and accuracy, enabling straight-through processing and better decision-making and risk management.

These innovations are evident with Tide, Charles Taylor’s Azure-hosted SaaS bordereaux management platform. Tide gives everyone in the value chain a single, centralised, highly automated and integrated way of managing bordereaux.

Data is mapped, cleansed and stored centrally in standardised and validated formats, while end-to-end automation eliminates error-prone manual processing. This is backed by powerful business intelligence software that boosts data analysis.

3. How will Blueprint Two impact the software management companies in the Lloyd’s market?

Blueprint Two is the latest instalment of a long-running modernisation programme. The London Market Target Operating Model (LM TOM) set the ball rolling, transitioning into Blueprint One and now Blueprint Two.

Because digitalisation is at the heart of this ongoing programme, effective modernisation requires the commitment and skills of insurtech specialists who know how to build connected technology and market-changing products and systems.

For example, Tide was developed as a key part of the digitalisation and modernisation programme for bordereaux and its success means it now has a wider role to play beyond the London market.

4. Why is data standardisation so important for the insurance industry?

Insurance relies on data that is accurate, up-to-date and complete. Standards are essential because there is a vast and diverse range of data passing between carriers, reinsurers, brokers, agents and other third parties.

This is particularly the case with bordereaux. Information about policies, claims, premiums and other insurance details can vary greatly, leading to inaccuracies or delays in reporting. Moreover, the amount of data is increasing every day, underlining the need for consistency and precision.

With Tide, bordereaux can be uploaded from any source via APIs and consolidated into a standardised data set that creates a single version of the truth

5. What are the key challenges for software providers operating in today’s market?

Like all industry verticals today, insurance depends on technologically connected ecosystems that can break down silos and ensure the smooth flow of data between stakeholders.

Software providers must therefore build products and systems that are interoperable and work seamlessly across the insurance value chain.

Collaboration is essential and requires the effective combination of technologies such as artificial intelligence and data analytics together with a commitment to keep up with changing regulations and digital requirements.

Adaptability is a must, as evidenced by an announcement in 2022 whereby technology providers pledged to adapt their platforms to meet the evolving needs of Blueprint Two.

• Find out more about Bordereaux Management (Tide) here.