The CAB is a centralised system initially set-up for the administration and settlement of facultative reinsurance business for the local market. It is also proud to be the first in the Asian region to offer the insurance industry an electronic web-based system to cater for the management of facultative reinsurance transactions.
The 4 Main Modules of CABFAC
Cedant companies can easily create new offers & placements based on a designated class of insurance. Upon authorisation and release, the offer will be made available on reinsurers' or retakaful operators' system.
Reinsurers can use this module for the underwriting of offers by selected cedant companies. Upon acceptance, the real-time system will generate the policy for both parties' reference.
In the event of a claim, cedant companies can initiate the process directly through the system, which will be submitted to reinsurer or retakaful operator for validation and settlement.
In the system, users can download the required reports based on a selected posting date range. This feature is available for offers, closings, endorsement, and claims-related reports and more.