Change Insurance variable Rate and Bonus
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Job Change of Insurance Contract Variable Rate and Bonus Can be run from the Role Center Insurance across Actions/Changes/
The task is intended for a special insurance product.
Settings
At the insurance company product level, you need to set up:
it is not a Fixed Rate (Fix Rate)
has the Bonus parameter set (Bonus)
The coefficients of the parameter are defined
The Bonus parameter is set.
The coefficients of the parameter are specified.
The Rate Code field must be filled in on the insurance rate (Rate Code).
It is the information according to which the Variable Rate and Bonus Change task on insurance contracts searches for subsequent rates. This is a unique code for the set. For example, for third-party insurance, it must express both the variant of the insurance product and the engine capacity for which it is intended.
If the rates are changed by the insurance company on a certain date, it is always necessary to create a new set, terminate the validity on the original set by filling in the fields:
Valid To (Valid To)
Quote Valid To (Quote Valid To)
in the event that this date is governed by the bidding system
It is not possible for the validity period of rates with the same "Rate Code" to overlap, so it is necessary to terminate the original set and thus the individual rates of the insurance set will be terminated.
The settings and individual levels are described in detail in the Insurance Product Management document.
Months Without Claim
The following fields are essential for the amount of the bonus coefficient on the insurance contract:
Months Without Claim (Months)
to be entered by the user
Annual Month (Annual month)
calculates the system based on the beginning of the policy's validity – the month in which the premium can be changed
Change in insurance premiums due to a change in bonus or rate
Insurance premiums are usually changed once a year. The bonus for the first period is changed manually (e.g. the client has submitted a confirmation from the insurance company). The change of the bonus for the next period is done in batches using the import of bonuses and the mass task of changing the variable rate and bonus on insurance contracts. According to the insurance company's customs, it is possible to use the annual month to change the amount of premiums. Insurance companies usually allow a change in a specific policy in the anniversary month according to the start of the insurance. If the insurance company allows the change at the beginning of a new calendar year, it is necessary to set a calendar period and an annual periodicity of premium payments for both the client and the insurance company.
When changed, the task checks whether the previous period is posted and the period in the "anniversary month" is not posted.
The number of months without claim can be entered:
Individually on the insurance contract
By manually entering it using the Change Bonuses function
Collectively
By importing bonuses
Manually Entering a Bonus
A manual change can be entered by the user in the "preparing" status. If the policy is entered in the "active" status, the first payment of the insurance must not be posted. The condition for manual entry is that the insurance policy must say Include in payment = No.
On the insurance contract, the user runs the function:
Then, in the dialog box, the user enters Year, Number of Months Without Claim and selects Termination Code.
Bonus Import
For mass replenishment of current bonuses, use the task - Bonus Import (Bonus Import):
The system opens a dialog box.
The user selects a file to import.
Import file format.
Import doesn't take the first line – it serves as the header.
Insurance Contract No. (Insurance) - Internal fuse number in OC
Insurance Company Contract No. (Insurance Company Contract No.)
Financing Contract No. (Financing Contract No.)
Insurance company (Insurance Company No.)
Insurance Valid From (Insurance Valid From) – the beginning of the validity of the insurance contract on the financing contract
Bonus Valid From (Bonus Valid From) – parameter date – start of current bonus validity – on the anniversary of the insurance contract
Number of harmless months (Months Without Claim)
According to the entered data, the system searches for an insurance contract for a given period. The result of the "Bonus Import" task is recorded by the system in the Bonus Log of the insurance contract (Insurance Contract Bonus Log).
Insurance Contract Bonus Log
To Bonus Import History (Bonus Import History) Stores a record of the insurance contract.
Task Run - Change Insurance Contract Variable Rate and Bonus
The user can run the task without the Execute check box. The task then creates only a checklist.
Important fields of the "Options" tab:
Year (Year)
The year for which the system checks rates and bonuses
Termination Code (Termination Code)
The termination code is applied to terminated policies if the original rate is no longer valid in the given period and the system creates a new insurance contract.
Execute (Process)
Without a check mark, it is only a check based on the specified filters
Insurance Company Product Tab
Insurance Company No. (Insurance Company No.)
User selects insurance company
Insurance Product No. (Insurance Product No.)
User selects insurance product
Insurance Contract Tab
Annual Month (Annual Month)
If the user selects "anniversary month", the system filters only policies that have an anniversary in that month.
If the user does not enter an annual month, the system checks all insurance policies in that year
The user can limit the controlled insurance contracts by specifying additional filters.
A task without the Execute check box results in a checklist.
Batch change of rate and bonus
If a user runs a task for an annual month with a Execute check mark, the previous months of that year must be processed. The system checks the processed previous period during recalculation, because it deletes unlocked rows and calculates them again according to the calculated Annual premium on the policy header.
After the checklist, the user enters a Execute check box.
The system terminated the original insurance policy for UGS on 31.10.2022 and on the anniversary of the contract, i.e. on 1.11.2022, it established a new insurance policy with a new rate.
For a new insurance policy, a bonus is entered into the bonus history when it is created by a batch job.
The number of months without claim is also written in the header of the policy.
Batch Change Bonus
Task Change Variable Rate and Bonus A change will be made to the insurance contract even if only the bonus is changed on the insurance contract. In this case, it does not create a new insurance policy, but recalculates the bonus coefficient for the relevant period on the original policy.
Example - The user additionally uploaded a new number of non-claim months – 25 – to the insurance policy and ran the check task.
If the user runs the bulk task with the Execute check box. The system did not create a new insurance policy, but changed the bonus coefficient to the existing one and recalculated the premium.
25 months correspond to a bonus of 0.80.
The rate of the policy.
On the insurance policy, the rate is recalculated by a new coefficient:
7,250 x 0.80 = 5,800
6,250 x 0.80 = 5,000