Nextera Bright modules
Nextera Bright has nine modules. They follow the reinsurance lifecycle rather than an organisational chart, so the order below is roughly the order work moves through them.
If any term here is unfamiliar, read Reinsurance broking concepts first — this page assumes it.
Placement
Section titled “Placement”Structure and place risks with reinsurers, tracking quotes, firm orders and signed lines through to binding.
Purpose. The market-facing workflow. Placement holds the deal as it moves from submission through slip, quote, firm order and signed lines to binding, so that at any moment you can answer “how much of this risk is placed, with whom, and on what terms?”
Depends on. The cedant and reinsurer records, and the programme structure being placed. Its output — signed lines and cessions — is what every downstream module operates on.
Watch for. Written versus signed lines, and signing down when a placement is oversubscribed. Any shortfall against 100% stays with the cedant, so this is an operational number, not an administrative one.
Facultative
Section titled “Facultative”Handle single-risk facultative placements end to end, each with its own slip, terms and cessions.
Purpose. Facultative business is negotiated one risk at a time and each placement carries its own slip, its own terms and its own cessions. This module holds that per-risk structure rather than forcing single risks into a treaty shape.
Depends on. Placement for the market process. Feeds Claims, Accounting and Bordereaux the same way treaty business does.
Treaty
Section titled “Treaty”Administer proportional and non-proportional treaties, from programme structure to participations.
Purpose. The standing agreements: quota share, surplus, and the excess-of-loss layers. Treaty holds the programme structure — sections, layers, attachment points, limits, reinstatements — and the participations of each reinsurer within it.
Depends on. Placement for how participations were bound. Everything about how premium and losses are shared derives from the structure held here, which is why treaty structure errors are expensive: they propagate into accounting and claims.
Renewal
Section titled “Renewal”Carry treaties and facultative covers through renewal with prior-year terms and history in view.
Purpose. Renewal is a negotiation, not a new placement. This module carries the expiring terms, participations and loss experience forward so the renewal conversation happens with last year’s position visible next to this year’s proposal.
Depends on. Treaty and Facultative for the expiring position; Claims for the loss experience that drives the negotiation.
Watch for. Renewal is seasonal and concentrated — 1 January and 1 April are the heavy dates in most markets — so this module’s throughput matters disproportionately.
Claims
Section titled “Claims”Record and advise claims, apply them across cessions, and track recoveries from each reinsurer.
Purpose. Taking a loss advised by the cedant, applying it across the cessions to determine each reinsurer’s share, advising them, and then tracking the recovery until it is collected.
Depends on. Treaty and Facultative for the structure that determines each share.
Watch for. Recoveries are tracked per reinsurer because reinsurers pay at different times and occasionally dispute. Outstanding recoveries are a credit exposure, which is why they appear in Reporting rather than only in Claims.
Accounting
Section titled “Accounting”Keep technical accounts by treaty and transaction — premiums, commissions, taxes and adjustments.
Purpose. The technical account: the periodic statement of what is due between the parties for a treaty or set of transactions, covering premium, ceding commission, brokerage, taxes, claims paid and adjustments.
Depends on. Treaty and Facultative for terms and shares; Claims for amounts paid.
Watch for. Technical accounting is not general ledger accounting. Balances are held per counterparty and per treaty and do not net across relationships.
Settlement
Section titled “Settlement”Reconcile balances and settle with reinsurers and cedants, with a full audit trail per party.
Purpose. Turning technical account balances into money moving, and keeping an audit trail per party of what was agreed, what was paid and what remains.
Depends on. Accounting for the balances.
Watch for. Three parties and two separate relationships, frequently multi-currency, with counterparties on different cycles. Aged debt is the metric that matters here, and it belongs to operations rather than to finance reporting.
Bordereaux
Section titled “Bordereaux”Produce and ingest premium and claims bordereaux in the formats each counterparty expects.
Purpose. The per-risk and per-claim schedules that move detail between cedant, broker and reinsurer under treaty arrangements. Both directions: producing them for reinsurers, and ingesting them from cedants.
Depends on. Treaty for the structure, Accounting and Claims for the content.
Watch for. Every counterparty wants a different layout. Format handling is the bulk of the work in this module, and it is the thing to ask about specifically during evaluation.
Reporting
Section titled “Reporting”Report across the book — production, outstanding balances, aged debt and regulatory returns.
Purpose. The book-level view: what was produced, what is outstanding, what is overdue, and what the regulator requires.
Depends on. Everything above. Reporting is only as good as the structure held in Treaty and the discipline held in Accounting.