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Bordereaux management is the process of creating and distributing the reports known as bordereau (see “bordereau“), which can incorporate the reporting of written risks, premiums paid for the insurance policies, as well as claims incurred.
It’s important because it is currently the most common market practice for delegated authority companies such as MGAs to report to their capacity providers as it provides a standardised way for the insurers and reinsurers to receive and process information.
This is difficult to say and subjective. As technology provides new opportunities to exchange information efficiently between multiple stakeholders in the insurance industry, the bordereau is likely to be phased out eventually and replaced by real-time data exchanges via APIs. This process is time-consuming as it requires all the stakeholders to update their IT infrastructure, so it is likely that the “good-old-fashioned excel file” bordereaux will continue to be used widely in the foreseeable future.