Xchanging Launches ‘Binder 360 offerings’ for Bordereaux Conversions

The London-primarily based commercial enterprise procedure, procurement and technology services issuer Xchanging announced the release of its bordereaux transformation answer, ‘Binder 360 services’, to an target audience of greater than 130 coverage professionals.

The Binder 360 Bordereaux Transformation service become developed in a partnership among Xchanging Ins-certain services (XIS) and Watertrace. “It gives insurers an XIS-managed marketplace platform facility that addresses the mapping, cleaning and query management of chance, premium and claim bordereaux,” the bulletin explained. “The provider converts all non-popular bordereaux information into steady outputs incorporating recognized industry requirements consisting of ACORD and the Lloyd’s minimal requirements.”

Xchanging stated the “benefits of the Binder 360 Bordereaux Transformation carrier consist of a giant reduction in price and management, and elimination of the want for added mapping and cleansing of bordereaux. The transactional nature of the carrier, which has no implementation costs or minimal commitment stage, gives customers the freedom to utilize the ability according to their evolving business necessities.

“the answer also improves reporting skills by way of complying with strict regulatory and compliance necessities and in the end enables customers to improve their operational performance and effectiveness.” it is “the primary in some of tailor-made services in the Binder 360 services Suite to be able to be released during 2014,” Xchanging said.

Xchanging insurance services COO Rob Myers said: “we're extremely joyful to announce the launch of Binder 360 services today in partnership with Watertrace. XIS has listened to customers, predicted wishes and taken the initiative to develop and present a shared service which addresses sizable facts and procedure inefficiencies. We sit up for running with customers via 2014 on the take-up of Binder 360 and a much broader portfolio of related binding authority management services.”

Mike Barr, MD, Watertrace, commented: “Watertrace is worked up to have partnered with XIS to help increase the Binder 360 Bordereaux Transformation provider. This new carrier will deliver genuine efficiency and fee savings to the marketplace and in the end deliver an improved enjoy to clients.”