🤩 Health Premium Loadings modelling in Xplan made easier

As part of our commitment to making Xplan more cohesive, we're enhancing the modelling of insurance policies that include health premium loadings.

⚙️ What did we hear from you?

While Client Focus > Existing Insurance allows you to record Insurance Policies and associated product information for new and existing policies, you were unable to specify the Health Loading percentage against an existing insurance product, and the data fields related to Premium Loadings and Exclusions were across multiple tabs at the Product Level.    

It was unclear in Risk Researcher, within the Premium Modelling > Recommendations table and associated SoA, which recommended products contained a Health Premium Loading.

💡 What have we done?

We've updated the existing Insurance Group and Risk Researcher with changes designed to simplify the advice journey and improve modelling!

✅ How does this benefit you?

• A central location to record and update information regarding policy restrictions.
• Enhanced productivity by reducing the need for additional work to accommodate policies with health premium loadings in recommendations.
• Existing Policies containing a Health Premium loading are now identifiable. 

👀 So, what's new? Give me the detail...

In Client Focus, we've renamed the Comments Tab to Health Loadings & Exclusions, and the Loading and Exclusion Expiry Date fields in the Details Tab at the product level have been relocated here. We've also added a new field, Health Loading, at the product level to enable the recording of the specific Health Premium Loading %. 

In Risk Researcher, we've updated the Premium Modelling > Recommendation screen to differentiate recommended products containing a Health Premium Loading. We've also updated the Standard SoA to display the updated recommendations output.

We've updated the Risk Researcher Standard SoA to enable you to easily identify recommended products with Health Loading applied. Recommended products now display associated Health Loadings in an easy-to-read format.

You'll also be able to produce associated reports detailing Recommendations containing Health Premium loadings via the following syntax, enabling users to specify if a Health Premium Loading is being applied to a Product recommendation.

<:=scenario.recommendations.premium_loadings_applied:>

Typically, <:for rec in scenario.recommendations.filter(status='recommend'):> is used to display the recommended products, while updating the syntax with <:=scenario.recommendations.premium_loadings_applied:> enables you to specify if a recommended product contains a Health Premium Loading.

To specify the specific loading amount applied to a product, the following syntax would be used:

<:for recommendation in scenario.recommendations.filter(status='recommend'):> <:for cover in recommendation.covers:> <:='No loading applied' if cover.loading_amount == 0 else '%s%%' % cover.loading_amount:> <:end:> <:end:>

 

⏭️ What's next?

We'll be releasing further enhancements in early September, enabling end-to-end modelling between the Insurance Group and Risk Researcher. These will include:

• Greater connectivity between Risk Researcher and Client Focus, allowing you to apply health loadings more easily within products under review.
• Updates to the Risk Researcher Standard SoA to more clearly identify existing insurance policies with health premium loadings and/or exclusions.  

💬 I would love to hear your feedback, so click 'reply' and leave your comments and questions down below!