Oracle® Insurance Rules Palette
The steps below explain the process for creating a new rate group for rates used for valuation. For the special cases when rates groups for rates fluctuate based on external factors, rates are created using an activity.
Click the Admin Explorer tab.
Select New Rate Group. The Rate Group Wizard will open.
Step One of Rate Group Wizard
Enter the Rate Description.
This is a descriptive name that is used to identify
the rates. It should be the name provided with
the rate table. This name will be stored as the
RateDescription in AsRateGroup and AsRate.
Enter the Integer Criteria.
This is used as a means of identifying the name
of the primary method of rate indexing. Rate indexing
is a mechanism employed by insurance companies to track the amount of
time or change affecting an insurance rate. Main
indexes are generally age and policy duration (in years), which are both
integer indexes. The actual index values, such
as 1, 2, 3, etc., are actually stored in AsRate. The
name of the index is stored in IntegerCriteria of the AsRateGroup table.
Enter the Rate Activation Date.
This date is used in conjunction with a policy’s
effective date to identify when a set of rates is active for a policy.
The policy must be effective on or after the date
listed here to use the set of rates. It is this
date that is used as a way to distinguish multiple sets of rates tied
to a single rate group name. Rates may change due
to re-pricing after the launch
of a plan or for various other reasons. While all
other factors may remain, creating an identical rate group with a different
rate activation date allows you to manage another set of rates for the
same product.
Enter the Transaction From Date.
This date is used in conjunction with a transaction
that requires the use of rates if a transaction occurs on or after this
date, but prior to the ActiveToDate. TransactionFromDate
is stored as the ActiveFromDate in AsRateGroup.
Enter the Transaction To Date.
This date is used in conjunction with a transaction
that requires the use of rates if a transaction occurs before this date.
Transaction To Date cannot change after
it has been set, as the system would see this as a need for undo/redo
or backdating. When loading new rates, this field
should be left blank. The TransactionToDate is
stored as the ActiveToDate in AsRateGroup.
Enter the descriptions for Criterion
1 through Criterion 10. The descriptions
should be entered as they appear in the Excel spreadsheet. Criteria
names must remain constant for all rate groups in the system. These
criteria names will correlate to columns in your rate table. Criteria
names are case sensitive so make sure the names match exactly. For
example, if UWClass is used, then there should not be entries for Underwriting
Class or UWclass. Keep the syntax and spelling
the same for criteria that have the same meaning.
Select Next.
Determine how to add the rates.
Select Yes to upload an Excel spreadsheet of rate information. You will be prompted to upload rates.
Select No and then select Finish if you want to add the rates manually using the Rate Group Editor.
After the Rate Group has been successfully added, you can upload aggregate rates or select rates from an excel spreadsheet.
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