Pool allocations by Underwriting Agents

Software from RealXS features a register in which Authorised Agents can record their pool distributions annually.
Authorised Agents
Authorised Agents who enter into insurance contracts under their own label based on Pool distributions are required by law to disclose in the insurance contracts the distribution of the list of risk carriers with the shares they apply.

Registration
Multiple forms of registration are possible, so that in the event of a claim, there is always clarity regarding the names and shares of the insurers who actually insured or insure the risk.
But with this, an administrative worry lies on the Authorised Agent to settle premiums and claims with the correct insurers.

Multiple Pools within one Insurance Package
Specially if there is an insurance package where certain components are accommodated on the basis of a different Pool allocation, there is a significant risk of errors in premium remittance and claims settlement.


PROVED
Team RealXS has definitively solved this problem:
Proxy Agents would be wise to digitally register all Pool distributions once a year in the system. Even if it changes in terms of composition in the interim.
Then the fixed division is recorded at policy level so that there can never be any discussion about the names and shares of the insurers insuring the risk.
Premiums and claims are then settled to the penny with the insurers involved in the policy by the Authorised Agent through some Pool distribution.

Sustained remittance of subsequent replenishments/refunds
Think of after-settlements of business loss insurance or claims for insurance of trade goods
The figures available for this purpose are sometimes available only after years. The subsequent settlements or claims can then only be booked in the form of supplementary premiums or refunds.
These are also settled with certainty with the insurers who bore the risk 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.