Following the success of the CABFAC, the Persatuan Insurans Am Malaysia (PIAM), in 2009, mooted a proposal for the CAB team to consider the implementation of a coinsurance system to run parallel with the existing CABFAC. With the CAB members’ agreement to the implementation of the CAB Coinsurance System (CABCO), the new system was launched on 26th August 2011 with the first batch of coinsurance transactions being channeled into the CABCO bearing the 1st September 2011 inception dates.
The 3 Main Modules of CABCO
Underwriting Module
Users in CABCO can easily switch their role as a coinsurance leader or follower within the system. Using this module, the user can either create or accept underwriting of offers with a selected coinsurer.
Claim Module
In the event of a claim, coinsurance leaders can initiate the process directly through the system, which will be submitted to coinsurance follower for validation and settlement.
Reporting Module
In the system, users can download the required reports based on a selected posting date range. This feature is available for closings, endorsement, and claims-related reports and more.
