Apollo Insurance has integrated a new automated bordereaux function in its proprietary insurance exchange for brokers and MGAs.
Through the Apollo Exchange, application data, which would be normally be compiled in the form of PDFs, can instead be collected and analyzed on the platform. Not only can the collected data be used to automate bordereaux generation, it can also be utilized to enhance risk rating, distribution strategies, and pricing.
According to a release from Apollo, the creation of bordereaux has been a major friction point for brokers and MGAs, since they are either typically manually compiled for binding authorities or for upload on the Lineage portal. But with the new feature on the exchange, those reports can be produced with the click of a button.
“By collecting digital application forms, we are able to route and create bordereaux on any product, binding authority, or program — including those on Lineage and other upload sites,” explained Apollo CEO Jeff McCann.
McCann added that he has met brokerages and MGAs with whole teams of people doing data entry for monthly bordereaux reporting – a very costly function with no value add to the customer.
“This function saves partners who are on the Exchange many hours of manual data entry,” the CEO remarked. “This is transformational, and goes directly to the bottom line.”