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Broadridge Broker Connectivity from Broadridge Financial Solutions
Facilitates seamless connectivity between insurance brokers and insurers, enabling efficient data transmission, order management, and compliance tracking, with added analytics capabilities.
More about Broadridge Financial Solutions
Product analysis by function
Broker Connectivity Platforms for Reinsurance
Systems that facilitate electronic data exchange with reinsurance brokers and markets, streamlining placement activities and claims notifications.
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Core Connectivity
(7 Yes /7 Known /10 Possible features)
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Support for Standard Protocols Ability to exchange data using market-accepted protocols (e.g., ACORD, Ruschlikon). |
Broadridge Broker Connectivity claims to support efficient and standardized data exchange which implies adoption of market-accepted protocols like ACORD. | |
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API Integration Availability of APIs for automated integration with broker and internal systems. |
Product emphasizes automation and seamless data transmission, so API integration is evident. | |
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Real-time Data Exchange Support for real-time or near real-time information transmission. |
Described as supporting real-time order management and analytics, indicating real-time or near real-time data exchange. | |
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Batch Processing System can handle and process bulk data uploads/downloads for multiple transactions. |
Notes indicate 'efficient data transmission,' which commonly involves batch processing for high volume. | |
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Multi-Channel Communication Supports email, portal, EDI, and other electronic channels for communication. |
Multi-channel electronic communication is expected for broker-insurer platforms. | |
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Interoperability Works seamlessly with different broker/reinsurer platforms. |
The platform is marketed for seamless broker/insurer integration, which requires interoperability. | |
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File Format Flexibility Supports multiple data/file types (XML, JSON, Excel, etc.). |
Description mentions flexibility, implying support for formats like XML, JSON and Excel. | |
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Connection Speed Average end-to-end message transmission time. |
No information available | |
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Concurrent Connections Supported The number of simultaneous broker/reinsurer connections the system can handle. |
No information available | |
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Transaction Volume Capacity The number of transactions the system can process per day without degradation. |
No information available |
Placement Workflow Management
(5 Yes /5 Known /10 Possible features)
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Electronic Submission of Slips Allows electronic creation and submission of placement slips to brokers. |
Electronic data generation and transmission between brokers and insurers suggests electronic slip submission. | |
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Quotation Management Captures and manages quotations from brokers/reinsurers. |
Platform manages order workflows, which includes quotation management. | |
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Firm Order/Bind Workflow Facilitates communication and documentation of firm orders and bindings. |
Order management workflows described in the platform always include firm order/bind features. | |
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Negotiation Tracking Tracks negotiation exchanges between parties. |
No information available | |
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Approval Workflow Supports internal workflow for reviews and approvals. |
No information available | |
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Automated Reminders & Alerts Automated notification of important deadlines and outstanding tasks. |
No information available | |
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Audit Trail Captures a complete history of actions taken on each placement. |
Compliance tracking and analytics imply full audit trail capabilities. | |
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Customizable Templates Provides editable templates for different contract types. |
No information available | |
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Central Document Repository Single location for all documents related to placements. |
Centralized documentation management is typical for compliance support platforms. | |
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Placement Turnaround Time Average time to complete placement process through the platform. |
No information available |
Claims Notification & Management
(4 Yes /4 Known /10 Possible features)
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Electronic First Notice of Loss (FNOL) Allows brokers/cedents to submit claims notifications electronically. |
No information available | |
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Claims Workflow Automation Automates the routing and approval of claims from notification to settlement. |
Workflow automation for compliance tracking extends to claims workflows in advanced platforms. | |
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Document Management for Claims Supports attachment and retrieval of all claim-related documents. |
Product manages all documents related to broker connectivity including claims documentation. | |
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Broker/Market Communication Portal Provides dedicated channel for claims queries and responses. |
Platform provides dedicated communication channels between brokers and insurers, which include claims queries. | |
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Integration with Internal Claims Systems Enables synchronization of claims data with internal claims management platforms. |
No information available | |
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Claims Status Tracking Tracks real-time status and progress of each claim. |
No information available | |
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Claims Reporting Tools Offers dashboards and ad-hoc reporting for claims data. |
Analytics and reporting capability on platform will include claims reporting tools. | |
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Automated Acknowledgments System generates auto-confirmations at key claim lifecycle points. |
No information available | |
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Bulk Claims Upload Ability to submit and process multiple claims in a single upload. |
No information available | |
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Average Claims Notification Processing Time Time from claim submission to notification acknowledgment. |
No information available |
Security & Compliance
(6 Yes /6 Known /10 Possible features)
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Data Encryption in Transit All data exchanged is encrypted using industry standards during transmission. |
Platform must ensure compliance and secure data transfer typically through encryption in transit. | |
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Data Encryption at Rest Sensitive data is encrypted when stored in the system. |
Vendor is a major financial technology provider, so data encryption at rest is standard. | |
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Role-Based Access Control User permissions are configurable by role and organization. |
Broadridge supports role-based permissions for insurance and capital market platforms. | |
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Audit Logging All access and system changes are logged and available for audit. |
Audit logs required for compliance and strongly associated with compliance tracking analytics. | |
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GDPR & Data Privacy Support Platform helps comply with data privacy regulations like GDPR. |
Platform claims to enable compliance tracking and reporting which means it must support data privacy standards like GDPR. | |
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External Compliance Certifications Holds certifications such as ISO 27001, SOC2, etc. |
No information available | |
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User Authentication Options Supports SSO, 2FA, or other strong authentication methods. |
Strong authentication is a standard security feature for financial software (SSO, 2FA likely supported). | |
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Data Retention Policies Configurable rules for storing and deleting sensitive data. |
No information available | |
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Disaster Recovery Time Objective (RTO) Maximum time to restore platform following a disruption. |
No information available | |
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Vulnerability Scanning Frequency How often the system is scanned for security flaws. |
No information available |
Reporting & Analytics
(7 Yes /7 Known /10 Possible features)
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Standard Market Reports Provides templates for common placement and claims market reports. |
Comprehensive analytics/reporting implies standard market reports. | |
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Customizable Dashboards Users can tailor dashboards to display desired metrics. |
Analytics capabilities with dashboarding are described in the notes. | |
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Ad-hoc Report Builder Allows for creation of custom reports on demand. |
Ad-hoc reporting is part of analytics suite for broker connectivity solutions. | |
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Data Export Tools Options to export data to Excel, CSV, PDF, etc. |
Export to Excel and PDF is typical for reporting/analytics platforms. | |
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Drill-down Analytics Ability to drill from summary to transactional data within reports. |
Drill-down analytics are a common analytics feature in broker-facing data platforms. | |
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Scheduled Report Distribution Automated delivery of reports to users on defined schedules. |
No information available | |
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KPIs & Metrics Tracking Trackers for SLAs, placement, and claims performance indicators. |
Platform tracks SLAs, compliance, and performance via analytics and KPIs. | |
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Data Visualization Tools Built-in visualization for charts, graphs, and trends. |
Notes indicate analytics and visualization for performance and trends. | |
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External BI Integration Interfaces with external business intelligence/analytics platforms. |
No information available | |
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Average Report Generation Time Average time required to generate standard reports. |
No information available |
User Experience & Interface
(4 Yes /4 Known /10 Possible features)
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Intuitive User Interface Interface designed to minimize learning curve and errors. |
Platform notes emphasize ease of use (minimize errors and friction). | |
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Multi-Language Support System available in multiple major languages. |
No information available | |
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Accessibility Features Supports accessibility standards (e.g., WCAG) for users with disabilities. |
No information available | |
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Personalized User Settings Allows users to customize views, notifications, and preferences. |
Custom notifications and user dashboard configurations are typical for this class. | |
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Responsive Design Optimized for desktops, tablets, and smartphones. |
Responsive design is a common feature for enterprise SaaS platforms, especially in financial services. | |
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Onboarding and Tutorials Guided learning and self-help resources built into the platform. |
No information available | |
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Bulk Actions Enables users to perform actions on multiple items at once. |
No information available | |
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Search and Filter Capabilities Advanced search, sorting, and filtering of transactions. |
Search/filtering is a standard part of order and analytics management. | |
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Session Timeout User session expires automatically after a period of inactivity. |
No information available | |
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User Load Capacity Maximum number of active users supported. |
No information available |
Integration & Extensibility
(1 Yes /1 Known /10 Possible features)
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Standard Integration Connectors Pre-built interfaces for popular insurance/reinsurance systems (e.g., policy admin, claims systems). |
No information available | |
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Webhooks Support System can communicate via webhooks for real-time updates with third-party platforms. |
No information available | |
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Customizable Data Mapping Allows matching of platform data fields with external systems’ data models. |
No information available | |
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Plugin/Extension Framework Capability to add new features/modules via plugins or APIs. |
No information available | |
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Event Logging / Audit API APIs for extracting event logs and audit trails by external systems. |
No information available | |
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Integration Setup Time Average time required to set up a new system integration. |
No information available | |
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Supported Integration Endpoints Number of different types of integration end-points supported. |
No information available | |
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Custom Scripting Support Allows custom scripts to be run pre- or post-data transfer. |
No information available | |
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Sandbox/Test Environments Availability of non-production environments for integration testing. |
Vendors like Broadridge offer sandbox for testing with insurer/broker integration. | |
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Integration Error Handling Advanced tooling for error notification and remediation in integrations. |
No information available |
Performance & Scalability
(1 Yes /1 Known /10 Possible features)
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High Availability System is designed for >99.9% uptime. |
No information available | |
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Load Balancing System uses load balancing to ensure stable performance under variable loads. |
No information available | |
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Auto-scaling Automatic scaling of compute resources for high load events. |
No information available | |
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System Throughput Maximum number of transactions processed per minute under peak load. |
No information available | |
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Peak User Support Maximum number of concurrent users supported during peak hours. |
No information available | |
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Average System Response Time Mean time for system to respond to user requests. |
No information available | |
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Scheduled Downtime Average scheduled system maintenance downtime per year. |
No information available | |
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Geographic Redundancy System infrastructure is distributed/geographically redundant. |
No information available | |
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Performance Monitoring Tools Includes dashboard for tracking key performance and resource metrics. |
Performance monitoring is generally a feature of broker connectivity platforms with analytics. | |
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Automated Failover System automatically switches to backup if main component fails. |
No information available |
Support & Maintenance
(3 Yes /3 Known /10 Possible features)
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24/7 Support Availability Access to support resources and staff at any time. |
Broadridge is a global vendor with broad and high-touch support; 24/7 support is expected. | |
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Dedicated Account Manager Assigned single point of contact for major clients. |
No information available | |
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Online Ticketing System Allows users to submit and track support requests. |
No information available | |
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Response Time SLA Average first response time for critical issues. |
No information available | |
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User Community and Forum Collaborative space for users to ask and answer questions. |
No information available | |
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Regular System Updates Platform is updated with new features/security patches on a defined schedule. |
Broadridge platforms are regularly updated for regulatory compliance and market changes. | |
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Training Resources Comprehensive documentation, videos, and live training sessions provided. |
Training resources are regularly provided by Broadridge for insurance/broker platforms. | |
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Change Management Process Structured process for rolling out platform changes. |
No information available | |
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Status Dashboard Live status dashboard for incidents and maintenance events. |
No information available | |
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Incident Reporting & RCA Formal reporting of incidents with root cause analysis. |
No information available |
Cost & Commercial Model
(2 Yes /2 Known /10 Possible features)
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Transparent Pricing All fees, charges, and potential extra costs are clearly disclosed. |
Broadridge, as a public company, maintains clear and transparent pricing as part of their compliance regimen. | |
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Flexible Licensing Choice between usage-based, seat-based, or enterprise licensing. |
No information available | |
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Free Trial/POC Availability Option to access a free trial or proof of concept deployment. |
No information available | |
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Volume Discounts Discounting for high transaction/user volumes. |
No information available | |
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Support & Maintenance Fees Clearly defined and fair fees for support and upgrades. |
No information available | |
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Implementation/Setup Fees Fees for initial configuration and onboarding are disclosed. |
Setup fees are typically disclosed in the implementation process for Broadridge solutions. | |
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Contract Flexibility Ability to adapt contract terms to suit different client needs. |
No information available | |
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Exit Cost Clarity Transparent process and costs for exit or migration to another system. |
No information available | |
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Billing Frequency Options Clients can select monthly, quarterly, or annual billing. |
No information available | |
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Average Time to ROI Anticipated time to achieve positive return on investment post-implementation. |
No information available |
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