In the insurance industry, Bordereaux is the process of exchanging monthly reports between stakeholders in the delegated authority distribution chain. Doing this ensures parties involved in a binding agreement have all the relevant information.   The Bordereaux process is fundamentally a matching and accounting exercise, comparing multiple data sources across internal records, bank statements and…

In the face of growing competition, technological advancements and regulatory change, many financial service firms are adapting business models by optimising core back-office processes like financial controls. An often overlooked area for modernisation is the credit control function, which is responsible for the collection of premiums not paid upfront. At present, many firms manage these…

What is IFRS 17? After nearly 20 years in development, IFRS 17 is due to go live on January 1, 2023. This new standard aims to harmonise financial statements across the insurance industry, making it easier to compare between firms and across other industries. It states which contract items should be included on the balance,…

The FCA’s spotlight has turned to the insurance sector in recent years, with a particular focus on CASS 5 obligations. This was reinforced by a Dear CEO letter, issued by the FCA in July 2021, which emphasised the importance of maintaining adequate client money arrangements for general insurance intermediaries. In the letter, the FCA shared…

The relationship between underwriters and brokers is complex and often delicate. It’s tied together by a flow of data, with many insurer statements sent from underwriters to brokers every month. This process is mainly carried out manually using a network of spreadsheets, meaning there is no way for firms to gain real-time oversight or Management…