Agencyport Software, a leading provider of software and services to the global insurance and reinsurance industries, today announced the immediate availability of its upgraded bordereaux and binder management system, Alchemy.
Already a leading binder management product, Alchemy 2.1 has been enhanced to give carriers and wholesale brokers more control than ever over their delegated underwriting authority business. Several exclusive features also enable easier audit compliance, helping carriers manage the increasingly regular and complex requirements around audits and reporting, including ELTO reporting. These new enhancements on top of faster processing and a strong focus on user experience with web self-service for coverholders, sets Alchemy 2.1 apart from the competition.
Phil Race, Managing Director of the Agencyport European division said: “With Alchemy 2.1, we have responded to market needs for more mapping, managing and measuring of binder business. The amount of data received by carriers is immense and still varies from one coverholder to another and trying to manually audit all your binders is too much to handle. New features in Alchemy 2.1 are demonstrating why Agencyport is the leader in self-service web portals with an unbeatable user experience for coverholders and carrier staff.”
New Features of Alchemy 2.1 include:
OVERALL ENHANCED CONTROL
• Self-created binder rules – tools-based rules configuration for even non-technical users to modify or create their own binder rules, providing carriers with far greater independence, self-sufficiency and control.
• A single document repository - for the reams of documents received by carriers from coverholder companies and individuals.
• Dashboard customisation – users can set their own dashboard preferences, choosing how reports, data and reminders appear on their Alchemy welcome screen.
• Sequential approval – a unique feature, enforcing the sequential approval of all bordereaux to maintain the timeline of a policy through any changes and avoiding duplication.
• New claim analytical reports - provides the first analytic reports built for managing claims across one or all binders.
• Exports to RMS - avoiding third party reformatting costs.
AUDIT MANAGEMENT
• Complete audit capabilities – from auditor selection, audit scheduling and alerts, to audit recommendations and status tracking.
• ELTO Compliance – automatically creating the new FSA-mandate reports, plus extended export features, removing the need to manually reformat data feeds.
• Policy data exporting to Google Earth - property policy holders can be mapped for risk assessment.
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