Reinsurance/Risk Adjustment
Design
Pool Administrators Inc. has extensive experience in the design and documentation of reinsurance pools which meet the needs of varying statutory requirements. Our vast experience encompasses the comprehensive and practical design of Plans of Operation (the foundation of a successful pool), as well as the development, implementation and continued monitoring of proven policies and agreed upon compliance procedures.
Implementation
Our many years of reinsurance administration experience have demonstrated that active participation in the design of a reinsurance mechanism significantly simplifies the mechanism’s implementation for the participating insurers, the governing body of the mechanism and the administrator. We use a consultative approach, which is critical to facilitating the insurers’ understanding of the plan of operations prior to the "go live" date. It is also our goal to facilitate the understanding and functioning of all system requirements with their information technology resources prior to the initial operation of the pool. Our systems take in to consideration the uniqueness of each mechanism, and are built with the flexibility to ensure that these variances are easy to incorporate. We also build our systems with the insurers’ resources and capabilities in mind, helping to minimize efforts and expenses even further.
While efficient and effective implementation of a properly designed mechanism is crucial to the ability of the mechanism to achieve its desired results for all of the stakeholders, it is also imperative that a close working relationship be maintained with the regulatory agencies of the insurance market within the states. Our leadership has been directly involved in the administration of statutory reinsurance mechanisms in over 25 states for more than 20 years, and we have had the pleasure to foster and maintain close relationships with the departments in states where we have been actively involved.
Administration
Pool Administrators Inc.’s distinctive methods allow for extremely effective and efficient reinsurance administration. We employ highly experienced individuals in the areas of finance and accounting, account management, and customer service, and the result is a team approach that demands active and continual participation and interaction of all areas. This collaborative model allows for the integration of different points of view into the decision-making process. These views coalesce to form a synergism conducive to critical thinking and innovation that allows PAI to produce cost-effective solutions that improve outcomes for clients.
Our extensive practical experience spans the reinsurance cycle, from eligibility determination and validation to operational reporting and presentation. Some of the more notable functions falling within this span include the complete premium administration process; the acceptance, validation and reimbursement of claims; regular preparation of financial statements, and the coordination of audit and actuarial services. We also have boundless experience in the collection and compilation of carrier data required for the proper administration of the assessment and risk adjustment processes, and perhaps most importantly, in assisting and counseling participating carriers in all aspects of the reinsurance process.
Reporting
Our reporting capabilities are both flexible and robust.
We utilize Microsoft Dynamics™ in our financial area, which allows for a complete accounting and reporting function within a reinsurance mechanism’s general ledger.
Enhancements to our proprietary reinsurance system can be easily developed to meet specific reinsurance or reporting requirements. This flexibility allows us to deliver custom reports that can shed light on reinsurance activity, fulfill compliance requirements and inform future strategy.