Featuring as an Example: OWIT Global 

An SMA Perspective Author: Karen Furtado, SMA Partner Published Date: June 2019

The digitization of the world has touched almost every area of insurance. Nevertheless, some areas are still patiently waiting in the digitization queue. Bordereaux management is one example – as we know it, it has remained virtually unchanged for many years. But now that we are fully immersed in the digital world, insurers need to renew their efforts to adapt all of their processes. It is time to reevaluate the challenges in bordereaux management as it exists today and reimagine it for the future. 

For the vast majority of insurers, bordereaux management is a time-consuming process with limited automation. MGAs, MGUs, and agents send bordereaux data in Excel spreadsheets, which then have to be processed and reconciled individually. It is not unusual for several staff members to spend several hours per month handling bordereaux reports and reconciliation. 

This process has worked “well enough” for years. But as carriers transform to become data-driven businesses they are limited by the data challengesinherent to today’s bordereaux management….

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