RenaissanceRe licenses web service for binders

The Catastrophe Risk Exchange (CATEX) has agreed to provide RenaissanceRe a worldwide a license to a software application that manages the full range of a delegated authority binder or programme transactions.

The Pivot Point Bordereau Management Application is a web-based service that offers the recording of coverholder or managing general agent information, and the ability to record and ensure that delegated authority parameters are adhered to.

Further 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 written, 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.