RenaissanceRe, a Bermuda-based re/insurer, has been offered a global software license by the Catastrophe Risk Exchange (CATEX) that allows it to manage the full range of delegated authority binder or programme transactions.
The Pivot Point Bordereau Management Application is a web-based service that offers the recording of cover-holder or managing general agent information, and the ability to record and ensure that delegated authority parameters are adhered to.
Other features offered include the processing, cleansing and validation of imported bordereau files utilising ‘learned behaviour’; validation of incoming files against coverholder and facility parameters; ability to upload writer, premium and claim bordereau to be applied against correct written policy; the tracking of bordereau due dates and alert users when premiums have been missed, partially paid or remain outstanding; and manage specific rules and validations pertaining to different lines of business.
The web-based platform supports client operations in 21 countries and processes premium volumes of more than $7 billion annually.
RenaissanceRe, Bermuda, CATEX, North America, Insurance, Reinsurance, Risk management, Technology, IT