Xchanging, a business process, procurement and technology services provider, has released its bordereaux transformation application, Binder 360 Services. The Binder 360 Bordereaux Transformation Service was developed in partnership between Xchanging Ins-sure Services and Watertrace, a business consultancy firm for the insurance market.
Xchanging said the service offers insurers a platform that addresses the mapping, cleansing and query management of risk, premium and claim bordereaux. The service converts all non-standard bordereaux information into consistent outputs incorporating industry standards, including the Lloyd’s Minimum Standards and relevant ACORD standards.
The benefits include a reduction in cost and administration, and elimination of the need for additional mapping and cleansing of bordereaux, Xchanging said. The service has no implementation charges or minimum commitment level. It also improves reporting capabilities by complying with strict regulatory and compliance requirements, and it helps users increase operational efficiency and effectiveness.
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