LONDON, November 8, 2013 /PRNewswire/ --
Xchanging, the business process, procurement and technology services provider, today announces its partnership with Watertrace to deliver 'Binder 360 Services' the new bordereaux transformation service that is set to revolutionise process for the London and international insurance market.
Available from January 2014, 'Binder 360' offers risk, premium and claim bordereaux transformation services which convert non-standard bordereaux information into a variety of formats including XML and ACORD. The service will be compliant with both the Lloyd's Reporting Standards and RMS, and fully supports the initial mapping of the bordereaux as well as offering monthly processing administration services.
'Binder 360' delivers a significant reduction in costs for bordereaux conversion, removes the onerous requirement to map bordereaux, and delivers significant improvements in reporting capabilities to meet stringent regulatory and compliance requirements. Additional benefits include streamlined query management processes with supporting management information, allowing users to better manage the underlying exposures on their binding authority contracts, and to achieve essential operational efficiency improvements.
Rob Myers, Director, Business Processing Services, Xchanging, added: "We are extremely pleased to announce this partnership with Watertrace, the leading provider of bordereaux transformation software. Xchanging continues to drive innovation by seeking to establish ourselves as the leader in the provision of binder management services in the London and international insurance market.
"'Binder 360 ' will streamline the entire process for its users, significantly reducing the associated frictional costs, and providing companies with the opportunity to make more informed decisions to drive their binder businesses forward."
Mike Barr, MD, Watertrace, commented: "Our ultimate aim is to enhance the end customer experience by improving operational efficiencies and by removing needless costs. Watertrace's partnership with Xchanging on 'Binder 360' will help us to deliver this aim."
What we are
Xchanging provides business processing, technology and procurement services internationally for customers across multiple industries.
What we do
Xchanging brings innovation, thought leadership and passion to its customers' businesses so as to enhance performance and value. Our values are embedded into everything we do.
What we want to be
Xchanging wants to be regarded as the best provider in its chosen markets by delivering services that are recognised for outstanding quality, reliability and innovation.
Watertrace is a leading provider of data management software and business consulting services in the London Market. Through the combined strength of business consulting and software engineering, built on a solid bedrock of methodologies, tools and techniques, we are able to deliver bespoke business projects in a cost-effective manner. The firm's Delegated Underwriting Authority solution, BDX, is the market choice for all things DUA.
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