Intermediaries & Pool divisions

Inefficient : Distribution slips
Previously, the Assurance Brokers had to provide the policies and appendices with all the names and shares of the insurers involved in the pool distribution through an Assurer (authorised agent). This information had to be checked/replaced every year as per the renewal date. Subsequently, "distribution slips" became mandatory. But that too proved not watertight.

Registration of fixed Pool distributions
The Insurance Brokers then found a more efficient method of recording Pool Allocations: that Insurance Brokers had to file fixed Pool Allocations with the VNAB (Stock Exchange). But in practice, this system too proved not to guarantee certainty regarding the insurers involved.

Advantage
Filing pool divisions had the advantage that the insurance broker could suffice in the policy by referring to the number of the Pool Division.

Disadvantage
For the Underwriter, the disadvantage is that he has to set up his own administration that provides for the settlement of premiums and claims. Especially after many years, it is not easy to charge claims after many years to the insurers who received the premium at the time. Software from RealXS features a register where authorised agents can record a number of pool allocations. Premiums and claims are then immediately processed on the relevant current accounts / statements of the insurers.

Work to do
With co-insurance or pool divisions, there is always the question of whether each insurer receives the right share of the premium. If a claim can finally be settled after years, it is always a quest for the intermediary to book it at the expense of the right insurers. Especially if there were changes in the scope of risk coverage in the interim.

SOLVED - 1
RealXS software features a register in which the Intermediary can apply a fixed distribution. A distribution that is applied by default if the client wishes to take out a specific insurance product.


SOLUTION-2
RealXS software features a register in which Underwriters can register a number of pool distributions. Premiums and claims are then immediately processed on the relevant current accounts / statements of the insurers participating in the Insurer's POOL.

Clean remittance of subsequent replenishments/refunds
Think of after-settlements of business claims insurance or claims for insurance of trade goods
The figures available for this may not be available for years. The subsequent settlements or claims can then only be booked in the form of supplementary premiums or refunds.
These are also settled by RealXS with the insurers who were risk bearers at the time.

Insurance game
Team RealXS makes Co-assurance a business where all players can work together efficiently and where current and historical information is available to all involved.