Insurance Perils And Conditions

An Insurance Peril, or condition - for example Earthquake, Car accident, Tornadoes, Theft, Death, or Disability, informs about the type of coverage for a particular insurance product, or product item (coverage). The Insurance Product Factory allows you to define Perils independently from Products, so that they can be used in conjunction with multiple insurance products. Depending on your insurance product, you can attach one or multiple perils, or conditions to it.

Insurance Perils View

In Innovation Studio, in the Insurance Perils/ Conditions section, you have an overview of all the insurance perils registered in your system - your nomenclature of perils, or conditions. This is an all-inclusive view; yet, you can also use the Search option in order to find a specific peril record.

Below, you can see an example of an Insurance Perils List:

Insurance Perils List

Follow these steps to view your Insurance Perils:

  1. In Innovation Studio, at the top left corner of your screen, click the main menu icon to open the main dropdown list.

  2. From this main list, click Insurance Product Factory. A second panel opens, to the left.

  3. Next, click Insurance Perils to go to the Insurance Perils List.

On the Insurance Perils List page:

  • To inspect a record from the grid, double-click it.

  • To add a new record, click Insert, at the top right corner of the page.

  • To edit a record from the grid, double-click it and make your updates. Next, click Save and close.

  • To delete a record from the grid, select it and click Delete, at the top right corner of the page.

HINT  
You can export one or more records by pressing Export, at the top right corner of your screen.

Insurance Peril Insert Form

The following fields are available for configuring an Insurance Peril:

Field Description
Name Insert the name of the insurance peril.
Max Notify Period Add the maximum period for notification of peril.
Event Count Limit Add the number of events covered by the policy.
Implicit Reserve Add the amount of the prudential reserve to be deposited for the current policy.
Implicit Reserve Currency Add the currency of the prudential reserve.

Below, an example of the Insurance Peril insert form:

Peril Insert From

Insurance Perils Operations

The Insurance Perils functionality allows you to:

In order to create an Insurance Peril, follow the steps below:

  1. On the Insurance Perils List page, click Insert, at the top right corner of the page. The Insurance Peril form opens.

  2. Use the form to fill in your details (see the form description, in the section above).

  3. Click Save and close.

  4. Repeat these steps for each peril that you need to configure.

In order to modify an Insurance Peril, please follow the next steps:

  1. Open the Insurance Perils List page.
  2. From the list, choose the desired Insurance Peril record and double-click to open the record.
  3. Use the form to make your adjustments.
  4. Click Save and close, at the top right corner of your screen.

To delete an Insurance Peril from the grid, please follow the next steps:

  1. Open the Insurance Perils List page.
  2. From the list, select the Insurance Peril record that you want to delete and then click Delete, at the top right corner of the page.