Test the Created Formulas

With FintechOS technology, you can create your own insurance formulas, process data for modeling and interpretation, and cast advanced pricing models. The Business Formulas solution, for example, allows you to design formulas that can be attached to different calculating targets (e.g. product pricing/ steps in underwriting flows), and, by doing so, reduce the completion time for those calculations. Moreover, the solution has also a testing feature that allows you to test the formulas you design, before activating them.

The Test Calculations tab allows you to:

  • perform the calculations according to the Tariff Type and Underwriting Type, set for the specified per product, or product item (coverage);

  • test the pricing and underwriting formulas attached to your product, or coverages;

  • see the results you get with different Testing Scenarios;

  • save the tests you consider relevant, for further processing;

  • perform and store unlimited numbers of tests.

Only one formula can be attached to a specified product, or coverage, at a time.

Create A Test Scenario

The Test Calculations tab offers you an overview of all the test scenarios registered for the current product.

Test Calculations tab

To add a test scenario that helps you test a formula attached to a product, or product item (coverage), follow the steps below:

  1. In the Test Calculations tab, click Insert. The Add Test Scenario insert form is displayed.

    The form displays the fields according to the previously chosen Tariff Type - namely, you can create a test calculation scenario either for an Insurance Product Formula or for an Insurance Product Item Formula, depending on the product configurations.

  2. From the dropdown list, select a Scenario Type to be used for calculation. The options are: Premium Amount calculation or Verify Underwriting.

  3. Select the Formula to be used for calculation:

  4. Use the option set to set a Testing Type. The available options are: Individual testing and Batch testing.

  5. Click Save and reload. Continue to Individual testing or Batch testing, below, depending on your testing scenario type.

    Add Test Scenario Type

After you have clicked Save and reload, the Key & Value grid is displayed.

  1. Inside this grid, fill in the values for the exposed keys. The text values are case sensitive.

    Keys And Values Grid

  2. Click Save and reload. The Calculate button and the option to check Save the Output Data are displayed. The Test Scenario Outputs grid becomes available.

    New Test Buttons Available

  3. Click Calculate and see the results of your test displayed as a secondary Key & Value grid, right under the first one. If you selected the Save the Output Data option, you can notice your test results being logged on, in the Test Scenario Outputs grid, at the bottom of the form.

  4. Click Save and close.

After Save and reload, the following buttons become available: Batch file template, Upload, Run and Download results.

  1. Click Batch file template to download the template for data processing. The template is an excel file that has the following header structure:

    Number; Keys (the keys defined in the formula); Expected result. The keys are loaded into the template in accordance with the formula you previously indicated for test scenario. For example, if you use a property formula, you might see the resistanceStructure, sumInsured and frequency keys.

  2. Fill in the template with your testing data.

  3. Upload the file using the Add File button.

  4. After the upload, press Run.

  5. The system tests each row of the template (identified by the Number field) and compares the expected result vs the actual result of the formula test. The result of the test is passed if the result of the formula test is equal to the expected result.

  6. The system displays a new grid that shows each line from the uploaded file, with the following information: Row, Formula Engine Result and Test Result (Passed/ Not passed). You can click on each line to see the results for that particular test item, displayed in read-only format.

  7. Click Download results, to download the file containing the results shown in the test calculation grid.

    Batch testing options

Continue to tab 7, Documents Management.