Demo Formulas

The Demo Formulas are offered by FintechOS so that you don't start the creation of your own insurance formulas from scratch. The following formulas are included in the Import Formulas optional digital asset:

Formula 1 - Bankassurance_UW_Formula_Final

The following are the steps used for peril scoring:

Name Exclude From Mapping Master Type SubType CalculationType Exection Order
ruleInsuredAmount FALSE Simple Type Text Normal 1
ruleSeismicZone FALSE Simple Type Text Normal 2
uwDecision FALSE Simple Type Text Normal 3

The following are the arguments used as input for the Bankassurance_UW_Formula_Final calculations: insuredAmount and seismicZone.

The following data sets are used for calculations:

Data Set Name

Data Set Display Name

Data Set Discriminants

Data Set Values
BA_UW_SeismicZone Bankassurance UW Seismic Zone SeismicZone BA_UW_SeismicZone
BA_UW_InsuredAmount Bankassurance_UW_InsuredAmount InsuredAmount BA_UW_InsuredAmount
BA_UW_Surrender Bankassurance UW Surrender hasSurrender BA_UW_Surrender

Formula 2 - EmbededBankAssurancePremiumAmountFormula

The following are the steps used for premium calculation, with this formula:

Name Exclude From Mapping Master Type SubType CalculationType Exection Order
risksCalculatedPrices FALSE Collection Whole Number Iteration 1
baseQuotation FALSE Simple Type Decimal Normal 2
premiumAmount FALSE Simple Type Decimal Normal 3

The following are the arguments used as input for the formula calculations: propertyConstructionYear, propertyInsuredAmount, and risks.

The following data sets are used for calculations:

Data Set Name

Data Set Display Name

Data Set Discriminants

Data Set Values
BankAssurance_RisksPrices BankAssurance Risks Prices ConstructionYear; RiskName BankAssurance_RisksPrices

Formula 3 - HomeServiceBankAssurancePremiumAmountFormula

The following are the steps used for premium calculation, with this formula:

Name Exclude From Mapping Master Type SubType CalculationType Exection Order
coefHomeAssistancePrice FALSE Simple Type Decimal Normal 1
premiumAmount FALSE Simple Type Decimal Normal 2

The following are the arguments used as input for the formula calculations: buildingInsuredAmount and constructionYear.

The following data sets are used for calculations:

Data Set Name

Data Set Display Name

Data Set Discriminants

Data Set Values
BA_HomeService_Prices Bankassurance Home Service Prices ConstructionYear BA_HomeService_Prices

Formula 4 - PA_Final_Premium

The following are the steps used for premium calculation:

Name Exclude From Mapping Master Type SubType CalculationType Exection Order
BaseRate FALSE Simple Type Decimal Normal 1
CoefFrequency FALSE Simple Type Decimal Normal 2
CoefAge FALSE Simple Type Decimal Normal 3
CoefAmountInsuredItem FALSE Simple Type Decimal Normal 4
ItemPremiumAmount FALSE Simple Type Decimal Normal 5

The following are the arguments used as input for the PA_Final_Premium calculations: age, coverage, frequency and sumInsured.

The following data sets are used for calculations:

Data Set Name

Data Set Display Name

Data Set Discriminants

Data Set Values
PA_Age PA_Age Age Age
PA_AmountInsuredItem Amount Insured Item AmountInsured; Coverage AmountInsuredItem
PA_Base_Rate PA_Base_Rate Coverage PA_Base_Rate
PA_Frequency PA_Frequency Frequency PA_Frequency

Formula 5 - PropertyFormula

The following are the steps used for premium calculation.

Name Exclude From Mapping Master Type SubType CalculationType Exection Order
BaseRate FALSE Simple Type Decimal Normal 1
CoefFrequency FALSE Simple Type Decimal Normal 2
CoefAge FALSE Simple Type Decimal Normal 3
CoefAmountInsuredItem FALSE Simple Type Decimal Normal 4
ItemPremiumAmount FALSE Simple Type Decimal Normal 5

The following are the arguments used as input for the PA_Final_Premium calculations: age, coverage, frequency and sumInsured.

The following data sets are used for calculations:

Data Set Name

Data Set Display Name

Data Set Discriminants

Data Set Values
HH_BaseRate HH_BaseRate Coverage HH_BaseRate
HH_BuidingSumInsured HH_BuidingSumInsured Coverage; InsuredAmount HH_BuidingSumInsured
HH_BuildingType HH_BuildingType BuildingType; Coverage HH_BuildingType
HH_Construction_Year Construction Year Construction Year; Coverage HH_Construction_Year
HH_Frequency HH_Frequency Frequency Frequency
HH_ResistanceStructure HH_ResistanceStructure Coverage; Resistance Structure HH_ResistanceStructure
HH_UsageType Usage Type Coverage; Usage Type HH_UsageType

Formula 6 - PropertyFormula_UW

The following are the steps used for premium calculation.

Name Exclude From Mapping Master Type SubType CalculationType Exection Order
BaseRate FALSE Simple Type Decimal Normal 1
CoefFrequency FALSE Simple Type Decimal Normal 2
CoefAge FALSE Simple Type Decimal Normal 3
CoefAmountInsuredItem FALSE Simple Type Decimal Normal 4
ItemPremiumAmount FALSE Simple Type Decimal Normal 5

The following are the arguments used as input for the PA_Final_Premium calculations: age, coverage, frequency and sumInsured.

The following data sets are used for calculations:

Data Set Name

Data Set Display Name

Data Set Discriminants

Data Set Values
HH_UW_BuildingSumInsured HH_UW_BuildingSumInsured Coverage; InsuredAmount HH_UW_BuildingSumInsured
HH_UW_ConstructionYear HH_UW_ConstructionYear ConstructionYear HH_UW_ConstructionYear
HH_UW_ResistanceStructure HH_UW_ResistanceStructure ResistanceStructure HH_UW_ResistanceStructure
HH_UW_UsageType HH_UW_UsageType UsageType HH_UW_UsageType
HINT  
For more details about configuring formulas, see the Business Formulas documentation and this Risk Scoring tutorial.