Automated Bordereaux reports, financial controls and binder management

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 the Bordereaux data itself. Processes must not only ensure that all records align, but also that payments for all items have been received and correctly allocated.  

As such, sound reconciliation procedures form the cornerstone of an effective and efficient Bordereaux process.  

For many firms, however, reconciliations for Bordereaux reports present six key challenges: 

  1. Varying data formats 
  2. Data volumes 
  3. Differing payment terms 
  4. Unaligned items 
  5. Financial controls 
  6. Unallocated or uncollected cash 

But many are struggling unnecessarily because automated solutions can greatly simplify this process, allowing insurance organisations to: 

  1. Reduce manual processes by automating data standardisation and enrichment 
  2. Reduce operating costs 
  3. Gain more financial control with visibility of key metrics 
  4. Consolidate disparate data onto a single platform 
  5. Enhance operational efficiency by repurposing skilled staff 
  6. Scale Bordereaux processes freely alongside business expansion 
  7. Relieve dependencies on offshore teams 

Insurers with largely people-driven Bordereaux processes, frequent queries with third parties or that spend a lot of time standardising data would benefit most from automating Bordereaux reports, financial controls and binder management.  

Download the full paper to learn: 

  • What Bordereaux is and why it is so complex 
  • Typical challenges firms face 
  • How other firms usually manage Bordereaux processes 
  • The role of reconciliations in the Bordereaux process 
  • The signs of an inefficient Bordereaux process 
  • How modernisation will benefit insurers 
  • The business benefits of automation tools like AutoRek 
  • Specific use cases of AutoRek for Bordereaux 

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