FCP is a major step forward in the acceleration of claims payments for the London Market. However, it still relies on the current cumbersome and time-consuming data validation and reconciliation process using traditional bordereaux methodology. LIBRA by Ecliptic Technology provides instant data validation and continuous reconciliation, allowing insurers to maximise the value of FCP without the downside of waiting on bordereaux.

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Most bordereaux management solutions receive data for validation and reconciliation in arrears and often after the typical errors of mis-allocation of binder section, year of account or loss fund has occurred. LIBRA on the other hand, delivers:

• Instant confidence that the claim is allocated to the correct binder, section and YOA

• Confirmation of meeting all the binder rules (or highlights where the issue is)

• Hard-coded link between the binder section and loss fund sub account for accuracy of payments

• Continuous reconciliation of spend against a live bordereaux and market participation

• The ability to instantly process non-cash bordereaux transactions for Brokers

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For further information or to arrange a demonstration, please contact Calum Somerville at: calum.somerville@ecliptic.tech or +(44)7504959223