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RFIB introduces innovative new binding authorities management system

RFIB Group Limited, the international Lloyd’s insurance and reinsurance broker, today announces, in partnership withthe Catastrophe Risk Exchange (CATEX), the introduction of a new binding authorities management system. The new platform will be utilised across risk, premium and bordereau processing.

The system, which was implemented following the completion of a project to transfer legacy data, will offer coverholders a dramatically enhanced service significantly improving the level of information and historical analysis available. It will also markedly improve the quality of data available to underwriters. Finally, the system’s bespoke formatting capabilities allows for data to be quickly reformatted for coverholders and underwriters.

Recognising the needs of underwriters and coverholders, a number of further benefits to the system will come into effect shortly including:

  • An interactive portal enabling coverholders and underwriters to view their portfolios with detailed live data analysis of exposures, profitability, limit caps based on reports and graphics, such as maps and charts,
  • Collaborative capabilities allowing RFIB to work with coverholders on issues with bordereau data that require feedback.
  • Straight through processingallowing for data to be automatically loaded into the system from email, XML or on a bordereau basis.
  • Facility allowing data to be directly loaded into Lineage from the RFIB Binders system without the need for coverholder input

Richard Boughton Managing Director of RFIB’s North American Division said “I am delighted to announce the launch of our new system. The wealth of information now available and the new tools available will enable RFIB to provide an enhanced service in terms of the information and historical analysis we can provide to coverholders and the data quality we provide to underwriters. The implementation of this system heralds the start of a new phase of development to drive further benefits to our business partners over the coming months.”

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