Bordereaux challenges in the London market

Published:

Summary of the DA discussion pod at TINtech 2025

Darren Sharp
CEO
Operative Consulting

 

Bordereaux Challenges

During TINtech, we invited attendees to participate in a working group to discuss the challenges of dealing with Bordereaux, handling the data passed from an MGA to a Carrier capturing premium, risk and claims data. Challenges with this process is a perennial topic of conversation, and it was great to get a group of people representing carriers, brokers and MGAs to openly discuss the issues. Whilst expectedly therapeutic, it also unearthed some common themes.
 


It all starts at the beginning

  • Many people reported that their biggest issues are with long standing contracts. This is because the data requirements and expectations were often not explained or agreed at the outset
  • Relationships are often between the MGA and an individual Underwriter or underwriting team, with a focus on risk coverage and commissions – with the ongoing data needs being lower priority or sometimes overlooked

So, what can be done…

  • Often the MGA is unaware of the impact of missing or poor data, so education can play a big part in improving this situation. Explain to all parties why the data is needed, the risks of not having it, and the commercial benefits of good data
  • Consider commercial incentives to make data provision lucrative, so that it makes its way higher up the priority list


Real Time (or near real) data could help all

  • Knowing quickly about risks and claims has clear benefit to both sides, from more effective risk management (e.g. sanctions) and compliance (e.g. limits and coverage), through to better management and reserving for claims
  • A bigger win is the more effective use of capital. Optimising the book of business for the Carrier and providing greater visibility of the portfolio to allow for mid-year contract changes. Quickly rewarding high performing MGAs

So, what can be done…

  • For new contracts build this in from the start. But don’t see this a just contract wording, it should be a senior commercial conversation about the long-term benefits to both sides if executed well
  • Carriers should invest in solutions that make data sharing and ingestion easier for them and for each of their MGA relationships.


Remember that this is a market

  • There were so many issues common to everyone … so why as a market are we not better at solving them? Concerns were raised that existing market level groups are good at talking, but less good at taking decisive action
  • The role of MGAs is increasingly significantly, so problems may well get worse if not addressed. Acting now will help ensure those MGAs, and thus the market, thrives.

So, what can be done…

  • Additional support could be given to MGAs at the startup phase. Education on the commercial benefits of effective data management; stronger relationships between Carriers and MGA for “non underwriting “ teams; and access to affordable and effective technology solutions
  • Lloyd’s could play a stronger role by identifying the MGAs that are leading the way in data and knowledge sharing. Those MGAs could be highlighted to carriers and encouragement given to support them. This could act as a catalyst to raise the game for everyone, with the whole market being the net beneficiary


So, what about the future?

  • Collaborate more effectively… for competitive advantage
  • Share knowledge more freely… for market advantage
  • Exploit new and emerging technologies, such as AI, but make sure you understand the problem you are trying to solve first

This is the kind of practical, honest discussion our members value. To join the next member-only Special Interest Group and access exclusive insights like these, contact Tom@TIN.events for more information about membership.

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