Nextera Bright
Reinsurance broking
Runs a reinsurance broker’s book: placement, facultative and treaty business, renewals, claims, technical accounts, settlement and bordereaux.
Built for: Reinsurance brokers, placement and treaty teams, and claims, finance and settlement teams
What it does
- Placement
- Build the slip, record quotes and firm orders from each reinsurer, and track written and signed lines through to binding.
- Facultative
- Place single risks one at a time, each with its own slip, terms and cessions.
- Treaty
- Keep proportional and non-proportional treaties with their programme structure and each reinsurer’s share.
- Renewal
- Renew treaties and facultative covers with last year’s terms and history in front of you.
- Claims
- Record claims, advise them to the market, split them across cessions and track what each reinsurer has paid.
- Accounting
- Keep technical accounts by treaty and transaction: premium, commission, taxes and adjustments.
- Settlement
- Reconcile what is due to and from each reinsurer and cedant, then settle, with every movement recorded.
- Bordereaux
- Produce and read premium and claims bordereaux in the format each counterparty uses.
- Reporting
- Report on the whole book: production, outstanding balances, aged debt and regulatory returns.
How it works
Place the risk
Build the slip, take it to market and record quotes, firm orders and written lines from each reinsurer.
Bind and account
Sign lines down when a placement is oversubscribed, then book premium, commission and taxes for each reinsurer.
Handle claims
Advise claims to the market, apply them across every cession and track recoveries until they’re paid.
Settle and report
Reconcile what is due to and from each party, settle it, and produce bordereaux and statements.
Property: warehouse fire
| Reinsurer | Written | Signed |
|---|---|---|
| Reinsurer A | 30% | 24% |
| Reinsurer B | 50% | 40% |
| Reinsurer C | 45% | 36% |
| Total | 125% | 100% |
Written lines total 125%, so each is signed down to make 100%.
Common questions
Does Bright handle both facultative and treaty business?
Yes. Single-risk facultative placements and proportional and non-proportional treaties are kept in the same system, so a broker runs the whole book in one place.
Can it produce bordereaux in each counterparty’s format?
Yes. Bright produces premium and claims bordereaux in the layout each reinsurer or cedant asks for, and reads the ones they send you.
What happens when a placement is oversubscribed?
When the written lines add up to more than 100%, Bright signs each line down in proportion so the signed lines total 100%. Premium and commission are then booked on the signed lines.
How does Bright keep settlement right?
Technical accounts are kept by treaty and transaction, and balances are reconciled with each party before anything is settled, so every premium, commission and claim movement can be traced.
Further reading
- 1 min readDigital Solutions for Reinsurance Brokers in IndonesiaHow digital brokerage management systems improve efficiency and compliance for reinsurance brokers in Indonesia. A complete guide to reinsurance technology.
- 2 min readTreaty Management in Reinsurance: Treaty and Facultative ContractsLearn how treaty management works in reinsurance. Covers treaty vs facultative, proportional vs non-proportional, and how technology automates treaty administration.
- 1 min readReinsurance Claims Processing: How to Automate Claims Management for BrokersGuide to reinsurance claims processing automation. Learn how brokers can streamline claims handling, improve recovery rates, and reduce settlement times.
Related products
- Insurance sales and distributionNextera LinkTakes an insurer’s products from quote to issued policy across agents, brokers and partners, with leads, product rules and commission in one workflow.See Nextera Link
- BancassuranceNextera FlowConnects a bank and its partner insurers: product mapping, sales, commission and reporting run from one shared record.See Nextera Flow
Ask for a Nextera Bright demo
Tell us how many reinsurers and cedants you deal with and how you keep accounts today.