Configure the Perils

An Insurance Peril, or condition - for example earthquake, car accident, tornados, 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.

Add Perils

In FintechOS Studio, you can find an overview of all the insurance perils registered in your system - your nomenclature of perils, or conditions. You can also create and configure new records. Follow the steps below to add a new peril record.

  1. In the main menu, navigate to Product Factory > Product Configurator > Perils / Conditions. The Insurance Perils List is displayed, containing all the existing records.

    Insurance Perils List

  2. Click Insert to add a new peril.

  3. Fill in the following fields to configure the peril:

    • Insurance Peril Name: Insert the name of the insurance peril;

    • Max Notify Period: Add the maximum period for the notification of the 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.

  4. Click Save and Close. You can view the newly created record in the Insurance Perils List.