Celebrating Innovation and Progress

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On this 250th anniversary of America, we remember the ideals that have helped our country foster innovation, entrepreneurship, and social progress. We are grateful for the opportunities to develop new solutions that help organizations succeed and ensure their future viability. We are especially thankful for the chance to share this exciting journey with you, our clients and partners.

At this noteworthy time, we are also pleased to share several updates as part of Quadra 11.5.6 to further support our singular allocations feature that simplifies the process for creating and processing insurance charges.

Include Newly Allocated Option

As part of our continued development of Quadra’s Allocations module, an 'Include Newly Allocated?' option has been added in the collaring section for coverages. If you select ‘Yes’, new assets or accounts that were not part of the renewed allocation will be included in full distribution collaring logic. These assets or accounts may incur relatively higher charges since they have no prior charge to collar against.

If you select ‘No’, new assets or accounts will not be accounted for in the collaring distribution. Instead, they will be allocated at the initial charge rate. Since comparatively higher charges will be applied to new assets or accounts when collaring is in effect, selecting ‘No’ will avoid this charge inflation.

Make a selection to include or exclude newly allocated assets or accounts when collaring:

Ability to choose any rate class when building rates

Within the Rates tab when adding information for coverages in the Allocations module, we have another update to share. Users can now choose any rate class when building rates whether there are existing assets using that particular rate class or not.

Previously, a rate class had to be in use by at least one asset for it to appear. This feature is useful if you want to account for certain assets that will be added after the allocation has begun.

Select any rate class needed when setting up a new rate in the Rates section of Coverages in the Allocations module:

Throughout the summer, we will continue working on updates that ensure a smooth and transparent allocation process – please stay tuned. We wish you and your loved ones a safe, joyful, and meaningful Independence Day celebration!