Reinsurer Claims Data Migration
TIW undertook a major bordereaux (BDX) data cleanse and migration project for a global reinsurer in support of its new investment in a centralised platform for the management of all portfolio business globally across its specialist property and casualty division.
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The global reinsurer had recently invested in a new system to provide a centralised platform for the management of all portfolio business globally in respect of policy, premium (including exposure) claims and cash for its specialist property and casualty division operating out of London, Paris, and the US.
The reinsurer asked us to help it manage the incoming bordereaux (BDX) data from multiple sources in multiple formats and to develop a consistent approach in process and validation to enable comprehensive management information and consolidated credit control and financial management.
The reinsurer’s challenge was complicated by the fact that the new system required the data, which included details of over a third of a million transactions, to be fully cleansed, including claims within policy tenure, and paid and reserve to equal Incurred figures. The reinsurer also did not have the necessary skills or available personnel in house to undertake such a task.
TIW provided the reinsurer with a highly skilled technical team with extensive London market and bordereaux processing experience to manage the data migration project. This team was focused on identifying and resolving any issues with corruption of the data, and meeting a tight timescale related to the reinsurer’s overall claims system implementation programme.
After an initial assessment of the over 360,000 transaction details recorded in spreadsheets split by managing general agent and third-party administrator, it was clear that there were added complications of inconsistent column header names, dates in multiple formats and random empty cells.
In other words, typical spreadsheet data. The TIW team imported all this data into an intermediate database which then
allowed them to securely analyse it, identify anomalies, and take the necessary corrective action in liaison with the relevant insurers. Once this was completed, the team successfully migrated the cleansed data into the new system.
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The TIW team managed the bordereaux (BDX) data cleanse and migration project for the global reinsurer, avoiding any data corruption and creating a single, accurate database. The project was delivered on time with TIW staff enabling the reinsurer to continue with BAU and to realise its investment in a centralised platform for the management of all portfolio business globally across its specialist property and casualty division.
TIW designs, builds, delivers and supports digital technology solutions that support the global insurance and reinsurance industry. TIW’s SaaS portfolio enables businesses to run their highly regulated businesses efficiently and cost effectively, giving practitioners a single, highly economical, platform that increases efficiency, improves customer service, and drives out frictional costs. TIW’s technology services, market knowledge, and experience makes us the right choice as your partner for digital transformation.