Set the Premium Amount

The Premium Amount tab allows you to configure how premium amounts are calculated for your insurance product, or product items (coverages), by attaching calculation formulas to them. You can also change previous configurations by deleting attached formulas and inserting new ones, if needed.

Based on the Tariff Type, previously chosen in the Tariff Configuration section, on this tab you can either see the Insurance Product Formula grid or the Insurance Product Item Formula grid. Only one formula can be attached to a specified product, or product item at a time.

To add perform an Insurance Premium Coverages Split, make sure you have previously selected the Per Product tariff type, in the Main Info product tab.

  1. In the Premium Amount tab, click Insert. The Add Insurance Product Item Formula form is displayed.

  2. Insert a Name for the formula. The Insurance Product field is filled automatically.

  3. In case the Tariff Type is set as Per Coverage, select the Insurance Product Item to which the formula is applied.

  4. Select the Formula to be attached to the current product for the premium amount calculation.

  5. Click Save and Reload. The Data Mapping grid is displayed, and, if the Tariff Type is set as Per Product, the Insurance Premium Coverages Split section is displayed as well. In the Data Mapping grid, you can choose to define a single data mapping, for either a Policy Admin or a Quote and Bind flow.

  6. Click either Map Policy Data or Map Quote&Bind Data, depending on the mapping you need to perform. The Formula Parameter Mapping form is displayed.

  7. In the Definition tab, choose a Master Entity from which the system extracts the input keys for the formula.

  8. Click Save and Reload.

  9. Go to the Input tab, and use the Click to Map buttons, next to each formula input key (in blue), in order to indicate the attribute (belonging to the previously chosen master entity) from which the system extracts the value needed for calculation.

    Input Parameters Mapping

  10. Click Save and Reload.

  11. Go to the Output tab, and use the Click to Map buttons, next to each formula output key (in blue), in order to indicate the attribute to which the system makes updates (insert the value obtained) after the calculation.

    Output Parameters Mapping

  12. Click Save and close. You can now see the attached formula in the Data Mapping grid, at the bottom of the insert formula form, example below:

  13. In the Insurance Premium Coverages Split grid, set the Percentage used to calculate the premium amount per each coverage included in the product.

    Insurance Premium Coverages Split

  14. Click Save and Close. You can see the configured insurance product formula in the Premium Amount tab.

  15. Continue to tab 5, Underwriting.