Why one pool is not enough
Traditional clubs use a single fund. Hotel demand in summer + flight demand at Christmas compete for the same capital. Systemic risk.
The actuarial solution
Insurers learned this 200 years ago: don't pool fire risk with flood risk. Each has different frequency, severity, correlation. Same logic applies to Hotel, Flight, Car.
Hotels: most stable pool
Lowest volatility. Average lead time 23 days, average stay 4.2 nights, seasonal concentration 1.8x.
Flights: highest volatility, highest value
Seasonal concentration 3.1x. Up to 60% savings vs. B2C via Plusgrade. Requires larger reserve buffer.
Cars: most profitable per unit
B2B rates often 2x cheaper than Expedia. Highest margin per booking. Cross-pool subsidization enables best Full Trip rates.
The independence principle
Stress on one pool never affects the others. If Flight pool enters defensive mode, Hotel and Car continue normally. No other travel company works this way.