ROSETTA STONE - INSURANCE
Bordereaux Management
Bordereaux management a common market practice among delegated authority companies, such as MGAs, for reporting to their capacity providers. It’s essential to implement an efficient and accurate method that transforms incoming files into a standardized structure, so re/insurance companies can compile reports easily.
Industry Challenges
In the insurance and reinsurance industries, Bordereaux management requires a substantial investment to continuously process data from multiple sources, such as managing general agents (MGAs), coverholders, brokers, and other insurance companies. This data, typically in CSV format, is crucial for assessing the relevant insurance products and associated populations, and managing it poses significant challenges.
Despite efforts to standardize these files through contractual agreements and operational practices, ensuring a consistent, templated format, the expectation of uniformity is frequently disrupted.
Primary issues arise when new clients are onboarded, existing clients introduce schema changes, new products are introduced, or when there are process modifications within the pipeline. These variations complicate the processing and standardization efforts, leading to inefficiencies and increased costs for reinsurers.
The Solution
Rosetta Stone is Hercules’ groundbreaking data transformation solution for the insurance and reinsurance industry. It automatically converts any Bordereau file into a standardized template, ensuring consistent and accurate output every time.
This next-generation AI product revolutionizes the ingestion process by introducing advanced AI capabilities and continuously learning from your subject matter experts to enhance its performance. Features include standardization, normalization, transformation, and robust error handling. Our product guarantees seamless ingestion even with scope creeps or schema shifts.
Rosetta Stone significantly reduces the time required to onboard new clients and as well more effectively process bordereaux files with existing clients. Ensuring high data quality and streamlining data processing allows for faster integration and improved operational efficiency.
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