Automating Cost Allocations

Self-insured organizations must implement a cost allocation process to effectively distribute insurance charges across divisions, cost centers, or accounts within the company. In an exposure-based allocation, charges are allocated according to the level of risk exposure for each account. The exposure level can be measured in terms of asset types, values, and quantities, or other factors that impact risk.

The method used must be both transparent and effective and support overall risk management objectives.  The key steps of developing a fair allocation process include: identifying cost drivers, compiling accurate and consistent data, reviewing results, and adjusting the process as exposures change.

Quadra^® readily supports the exposure-based allocation process by incorporating these steps directly into its Allocations module. With the forthcoming launch of Quadra 10, the module will be even more streamlined with a more open interface. 

The Allocations module greatly simplifies the process through 1) consolidated exposure asset information, 2) integration with accounts receivable, 3) automated invoice distribution, 4) schedule management capability for invoices and asset changes, and 5) a simplified renewal process.  For our customers, Quadra has proven to be truly transformative, allowing finance departments to redesign their workflows and organizational structures. 

We look forward to launching Quadra 10 as it is one more example of our long-standing commitment to helping our clients protect their assets and ensure their viability for the future.   For over 18 years we’ve served commercial property and casualty insurance brokers, nonprofits, risk retention groups, insurance pools, captive insurers, trusts, and REITs. If you are interested in learning more about how Quadra can support your organization, please contact us!