Pricing And Rating
The Pet Insurance Quote & Buy solution uses the Business Formulas to automatically calculate the price for the pet insurance cover based on breed type, pet size, and pet age - allowing the insurer to charge the correct price to cover all of the claims made in a given year. For a list of all the formulas used by the Pet Insurance Quote & Buy solution, consult the Business Formulas page.
The following is the Universal Rating that is added by default to the premium price calculation for both pet types - namely, cat and dog.
| Universal Rating | ||
|---|---|---|
| Excess Loading | ||
| £0 | 1.250 | |
| £100 | 1.150 | |
| £200 | 1.000 | Default |
| £500 | 0.925 | |
| Taxes And Fees | ||
| Administration Charge | 20% | 1.200 |
| Insurance Premium Tax | 12% | 1.120 |
Check also the following pages to see how the pricing structure is customized for dogs and cats:
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Cat Rating - for the default rating structure and some examples of pricing covers for cats.
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Dog Rating - for the default rating structure and some examples of pricing covers for dogs.
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Pet Breeds - for the pedigree breeds that can be covered by the Pet Insurance Quote & Buyproduct and their size category, for rating.
If you need to adjust the default input values or arguments, you can do so in FintechOS Studio. You might also want to consult the Business Formula Editor documentation.