(Image source: distriBind.)
London-based distriBind, an InsurTech dedicated to solving problems related to bordereaux, has undertaken a distribution partnership with Stere (New York) a “one stop shop” digital ecosystem for insurance programs, to introduce its system to the U.S. program market. distriBind’s bordereaux transformation engine configures spreadsheets of raw data into easy-to-read, multi-format report ready for analysis, according to the vendor. Through its new relationship with Stere, U.S. carriers, reinsurers, and MGAs now have easy access to the system.
Having developed its system with input from prominent underwriters and claims executives and tested in Lloyd’s Lab, distriBind characterizes the solution as redefining the bordereaux landscape through a one-two punch: “First, it completely eliminates one of the industry’s most onerous tasks—manual data manipulation; second, it automatically produces a detailed report that includes customizable monthly data analysis capabilities and issue notification,” a distriBind statement says.
“distriBind has solved a long-running, systemic industry problem with a product that seamlessly adapts to any market or deal framework, something that makes it ideally suited to the bespoke needs of Stere’s global client base,” comments Stere CEO Dogan Kaleli. “Through this partnership, we can offer clients a flexible program that truly turns bordereaux processing on its head, and I am excited by the operational improvements this will bring to all industry players.”
Stere’s program placement digital ecosystem offers a “one-stop-shop” location offering solutions addressing speed-to-market, capacity sourcing, and other challenges facing MGAs, InsurTechs, and embedded insurance programs. Stere has a selection engine that the vendor says improves program owner success rate by pairing human intuition with well-designed technology. “It is a combination that eliminates manual capacity placement pain points and inefficient post-placement steps plaguing the industry,” the distriBind statement elaborates.
“I am absolutely delighted to announce this partnership with Stere, which accelerates our growth into the crucial U.S. delegated market,” comments Dave Connors, founder and CEO, distriBind. “From the first time I met Dogan, I was struck by his passion for bringing innovation to this market and enthusiasm for the benefits of automation. Harnessing distriBind’s automated reporting to Stere’s cutting-edge program placement marketplace is a no-brainer that will provide huge benefits to agents and carriers in the U.S.”
Through the distriBind system, Stere users will receive the following, according to the distriBind statement:
- Real-time APIs that allow for real-time pass through of data from distribution to capacity
- Powerful and detailed validation at the transaction level
- Automated reconciliation of the full written/premium/cash cycle
- The ability to easily receive or send data to-from business partners in any format
- OCR and smart ingestion algorithms that digitize PDFs and spreadsheets
- Powerful analytics including portfolio-level capacity prediction
- Be able to manage the full life-cycle of risk, premium and claims
- A flexible data model offers granularity without legacy constraint
- A DA ecosystem for sharing information across the value chain
distriBind reports that its system, which received an Innovate UK grant for its AI Premium Capacity Utilisation Predictive Algorithms, has already been adopted by a broad range of MGAs, brokers, and insurers across the European and London markets to streamline their bordereaux process through real-time data visibility and reduction in operational costs and process errors.