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Insurance Discounts/Surcharges

Insurance Discounts/Surcharges

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Last updated: Sept 09, 2024Version comment
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Insurance Discounts/Surcharges

Insurance Company Products / Calculation Settings / Discounts/Surcharges

At the insurance company product level, the user also enters discounts or surcharges. At the rate level, the user chooses from discounts/surcharges determined for a given insurance company's product.

Field:

  • Code

    • User enters a discount/surcharge code

  • Description

    • The user fills in the description of the discount/surcharge

  • Type (Type)

    • The user selects whether it is a discount or a surcharge

  • Discount / Surcharge % (Discount/Surcharge%)

    • If the user enters a discount/surcharge percentage, the system automatically calculates the coefficient

  • Coefficient (Coefficient)

    • If the user enters a surcharge coefficient, the system automatically calculates the percentage

  • Rate Correction (Rate Correction)

    • User ticks if it is a rate correction

    • Apply a discount with a rate correction

      • The system subtracts the correction entered in the insurance contract (percentage/amount depending on the premium calculation method) from the base rate. In the Insurance Company Rate, Tenant Rate field, the resulting rate for calculating the insurance premium is the resulting rate for calculating the insurance premium

      • We recommend setting the correction value to 0.00% (Discount/Surcharge field), the user enters a correction in % or in absolute value (amount) on the insurance contract depending on the Insurance Calculation Method

  • Object Usage Type (Object Usage Type)

    • The user can select a specific use of the object. It is a record of information for the bidding system

It is also possible to specify the discount for other keys: Object Category, Commodity, Catalogue Card Group, Subgroup, Kind, Make Filter, Model Line Filter, Model Filter.

The discount/surcharge can be time-limited by filling in the fields Valid from, Valid to. If these fields are empty, the discount/surcharge is indefinite.

Rate Discounts/Surcharges

A user can assign a rate level discount. The system will offer surcharge discounts for the given insurance company's product.

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Enter Rate Correction

 

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Insurance Contract Discounts/Surcharges

When selecting a discount/surcharge on an insurance contract, the system offers discounts/surcharges for the given insurance company's product.

The application of the discount on the insurance contract is set to rights.

Recapitulation of the rights to provide a discount on the insurance contract.

  • User Settings - Insurance Discount Permissions - Discount level settings 1 to 3.

  • Insurance Setup - Insurance Contract Discount = YES

  • Insurance Company Product Card - Maximum Insurance Discount Limit 1 to 3 – Discount Levels.

On Insurance contract when choosing a discount The code list will be used to check whether the user has not exceeded the maximum discount of his or her entitlement.