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 
   
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2. Fill out the form.
   
   
   The various values are described in the table below.

   Property	Description
   Key	Used to uniquely identify this product.
   Name	Display name for product.
   No	The product number
   Status	Status Description Start Up The product is currently being started. Active The product is active and open for insurance policy creation. Discontinued The product is discontinued and no new insurance policies can be created for the program. Terminated The product is terminated with no active associated insurance policies.
   Insurance Type	The type of insurance (Create Insurance Types)
   Insurance Category	The insurance category
   Product supplier	The Legal Entity that is the insurance supplier
   Broker	The Legal Entity that is the broker of the product
   Partner	The associated reseller
   Administrator	The appointed administrator of the insurance product
   Account Manager	the appointed account manager of the product
   Claims Adjuster	The appointed claims adjuster of the product

   

   Property	Description
   Description	Description of the insurance product.
   Insurable Interest	The interest amount in a given month expressed in currency value.
   Insurance Term	The max term of the underlying loan e.g. a consumer loan with max 144 months.
   Product Version	The version of the product
   Sale Method	Also called Point of Sale (POS) and is e.g. DM, TM, inbound, shop etc.
   Terms No	Term number for insurance product. The number that the terms and conditions document has (often ”Year+X).
   Terms Url	URL to terms for insurance product.

   

   Property	Description
   Gross Premium	The price that the consumer pays.
   Premium Based On	The variable that the price of the insurance is calculated on e.g. % of monthly installment or % of the outstanding balance etc.
   Risk Premium	The premium kept by the product supplier
   Charge Interval	The payment interval
   Commission	The percentage value offered in commission for resellers.
   Retention	The retention percentage
   Insurance Tax	The percentage value for tax
   Profit Share	The percentage for profit share
   Currency	The currency of the insurance product
   External Reference	A value that can identify the insurance product for an external system.
   Comment	A free text comment
   Parameters	Custom 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".

   

   Property	Description
   Deal Type	This value can be either "Direct" or "Third Part"
   Start Date	Start date for the insurance product.
   End Date	End date for the insurance product.
   Period Of Notice	Period 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 .