Business Formulas

The Business Formulas engine processes different inputs from the customer's digital journey in order to help determine the eligibility of a pet, and also to calculate the premium amount for the pet quote, based on the module indicated by the pet owner - namely, Bronze, Gold or Platinum. The name of the Business Formula used by the Pet Insurance solution is PetFormula.

In order to inspect your Pet Insurance Formula, take the following steps:

  1. In Innovation Studio, navigate down the main menu to Automation Blocks.

  2. Click Business Formulas to open the Business Formulas Menu, on the left.

  3. Click Formulas to open the Formulas List page.

  4. From the list, select and double-click the PetFormula record.

    Pet Formula

Pet Formula

The following are the steps of the PetFormula - used for pet rating:

Name Exclude From Mapping Master Type SubType CalculationType Exection Order
BasePremium FALSE Simple Type Decimal Normal 1
Cover FALSE Simple Type Decimal Normal 2
Age FALSE Simple Type Decimal Normal 3
Size FALSE Simple Type Decimal Normal 4
BreedType FALSE Simple Type Decimal Normal 5
NetPremium FALSE Simple Type Decimal Normal 6
AdminCharge FALSE Simple Type Decimal Normal 7
IPT FALSE Simple Type Decimal Normal 8
GrossPremium FALSE Simple Type Decimal Normal 9

 

The following are the arguments used as input for the PetFormula calculations: age, breedType, cover, petType, and size.

The following are the data sets used inside the PetFormula calculations:

Data Set Name

Data Set Display Name

Data Set Discriminants

Data Set Values
PET_Age PET_Age Age; PetType PET_Age
PET_BasePremium PET_BasePremium PetType PET_BasePremium
PET_BreedType PET_BreedType BreedType; PetType PET_BreedType
PET_Cover PET_Cover Cover; PET_Cover
PET_Size PET_Size PetType; Size PET_Size
HINT  
For more details about Formulas and how to adjust them, if the case, go to the Business Formulas documentation.