Brovada is a leading electronic trading player in the Canadian market with an unrivalled understanding of the connectivity between broker systems and insurers. The acquisition of Brovada by Acturis Group will deepen and extend this connectivity and promote electronic trading in the Canadian market, which is a critical theme for brokers and insurers alike.
BrovadaOne connects the insurance world, joining insurer and broker systems, improving workflow efficiency and accuracy and saving time and resources.
For brokers, BrovadaOne Connectivity, our broker/insurer integration product, simplifies the way you do business by extending the functionality of your broker management system so that it integrates with insurer portals and web services for both new business and policy-change uploads. This eliminates the need to re-key the data already captured in your management system.
- Is currently installed in more than 1,400 brokerages and over 40 different insurer systems, and handles real-time traffic between brokers and insurers in Canada
- Automates the workflow and entry of data into a multitude of carrier systems, saving time while improving efficiency and accuracy
- Offers transactions that include:
- Single sign on — Sign on one time to all systems to accomplish multiple tasks. You can manage passwords and security individually or assign a local administrator. Any insurer’s website, portal or secured system area can be made accessible to you.
- Portal automation — Connects your management system to insurer portals, eliminating the need to re-key inputted data. It works for commercial and personal lines. Automated transactions for policy inquiry, new business upload and submission and policy changes help ensure you make a change once and both your management system and the insurer are current. Same day policy issuance is possible.
- New business submissions — Automates new business submissions to insurers, reducing processing time and increasing accuracy. It also provides real-time rating and submission confirmation and includes dynamic, new business-specific workflows, forms and data pre-validations. Additionally, It provides real-time new-business submissions directly to an insurer’s policy administration system or through its portal and makes your management system the system of record.
- Policy change — Extends real-time policy change capabilities from insurers to you cost-effectively, simply and quickly. It works with your broker management system by comparing your newly changed data against the data already stored in the insurer’s policy system to confirm the change prior to submission, minimizing the risk of inadvertently overwriting valid insurer data.
- First notice of loss (FNOL) — Enables you to submit FNOL transactions in real-time directly to an insurer’s claims system, expediting the process of making a claim.
- Third-party integration — Lets you access service providers like motor vehicle records, AutoPlus, property inspection and evaluation companies, premium financing companies, loss reporting agencies and more. Its service provider integration enables you to access these services from your desktop, streamlining data transmissions to help ensure accuracy, integrity and standards.
- Book of business rollover — Analyzes and profiles your book intelligently and automates the transfer, whether rolling a book of business within the brokerage or broker to insurer.
BrovadaOne for Insurers
BrovadaOne for Insurers enables you to provide real-time connectivity to brokers using any policy administration system (PAS), regardless of whether you already use a portal.
BrovadaOne’s web-service interface for real-time transactions — endorsements, upload and download, new-business submissions, inquiries, policy changes, first notices of loss, portfolio transfers, regulatory reporting and more — provides an alternative to conventional portals with numerous advantageous capabilities.
Additional benefits for insurers include:
- New business submissions — Automates the submission process and dramatically reduces processing time. It helps ensure submissions are complete and accurate; provides real-time rating and submission confirmation; includes dynamic, new-business-specific workflows, forms and data pre-validations; and helps ensure scalable integration to your new or legacy PAS.
- Inquiries — Makes a secure, real-time snapshot of the policy, billing and claim data in your PAS possible.
- Policy changes — Enables cost-effective, simple and quick, real-time policy change capabilities to your broker distribution channels. Newly changed broker data can be compared against data in your policy system, e brokers to confirm the change prior to submission and minimizing the risk of inadvertently overwriting valid data in your system. The transaction incorporates an exception-based underwriting workflow, keeps consistent records of every policy change, includes dynamic messaging, leverages existing rating and rules engines and reduces overall transaction time to 10 seconds. The innovative comparison between insurer and broker data preserves the system of record, minimizes errors and omissions, enables multiple changes per transaction and issues a single invoice per transaction.
- FNOL — Enables brokers to submit FNOL transactions in real time, directly to your claim system, expediting the claims process and reducing claim adjustment handling times.
- Portals — Helps ensure streamlined underwriting workflows, advanced exception management and minimal navigation. From quoting to renewal reviews, BrovadaOne enables brokers to interact with you throughout the policy life cycle. It fully supports custom