Create Insurance Programs

BFS Version: 2.02

To create an insurance program navigate to Insurance in the top menu and then select Insurance Programs. 

Create Insurance Program

To be able to create an insurance program there has to be an insurance type in the system with the status Open.

  1. Click on the create icon 

  2. Fill out the form.

    The various values are described in the table below.

    KeyUsed to uniquely identify this product.
    NameDisplay name for product.
    NoThe product number
    Start UpThe product is currently being started.
    ActiveThe product is active and open for insurance policy creation.
    DiscontinuedThe product is discontinued and no new insurance policies can be created for the program.
    TerminatedThe product is terminated with no active associated insurance policies.
    Insurance TypeThe type of insurance (Create Insurance Types)
    Insurance CategoryThe insurance category
    Product supplierThe Legal Entity that is the insurance supplier
    BrokerThe Legal Entity that is the broker of the product
    PartnerThe associated reseller
    AdministratorThe appointed administrator of the insurance product
    Account Managerthe appointed account manager of the product
    Claims AdjusterThe appointed claims adjuster of the product

    DescriptionDescription of the insurance product.
    Insurable InterestThe interest amount in a given month expressed in currency value.
    Insurance TermThe max term of the underlying loan e.g. a consumer loan with max 144 months.
    Product VersionThe version of the product
    Sale MethodAlso called Point of Sale (POS) and is e.g. DM, TM, inbound, shop etc.
    Terms NoTerm number for insurance product. The number that the terms and conditions document has (often ”Year+X).
    Terms UrlURL to terms for insurance product.

    Gross PremiumThe price that the consumer pays.
    Premium Based OnThe variable that the price of the insurance is calculated on e.g. % of monthly installment or % of the outstanding balance etc.
    Risk PremiumThe premium kept by the product supplier
    Charge IntervalThe payment interval
    CommissionThe percentage value offered in commission for resellers.
    RetentionThe retention percentage
    Insurance TaxThe percentage value for tax
    Profit ShareThe percentage for profit share
    CurrencyThe currency of the insurance product
    External ReferenceA value that can identify the insurance product for an external system.
    CommentA free text comment
    ParametersCustom parameters. For example if a car insurance policy is created and the brand of the car should be stored and the production year the contents of this property could be "brand: Ford" and "Year: 2016".

    Deal TypeThis value can be either "Direct" or "Third Part"
    Start DateStart date for the insurance product.
    End DateEnd date for the insurance product.
    Period Of NoticePeriod of notice for the insurance product. Periods until termination.

Associate Insurance Cover

To be able to associate an insurance cover there has to be an insurance cover in the system with the status Open.

  1. Click on the program in the list. 

  2. A new tab opens up containing information about the insurance program. Click on Yes in the dialog box.

  3. Select an insurance coverage.
  4. To add another coverage, click on the create icon .


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