Policies Panel

Description

This panel contains all information regarding your insurance business. It consists of two main windows:

• Overview window: This window displays data over all your insurance contracts:
  • Number of contracts.
  • Total value insured: equal to the sum of the covers over all your contracts.
  • Accumulated premium: equal to the accumulated sum of all premiums collected during the entire duration over your active (i.e., not deleted) policies. This represents the total cash collected from premiums over all active contracts since the time the policy was created.
  • Accumulated claims: equal to the accumulated sum of all claims paid during the entire duration over your active policies. This represents the total cash paid from claims over all active contracts since the time the policy was created.
  • Gross written premium: equal to $\sum _C\text{YP}(C)$, where $\text{YP}(C)$ is the Yearly Premium of insurance contract C.
• Contracts window: Here, you can see information regarding individual policies, as well as creating, editing or eliminating insurance contracts.
  • Create new contract button: click here to open the Insurance Contract Template, which allows you to create or edit an insurance contract.
  • If you have already created insurance contracts, you can click on any of them to display detailed information about the policy. Click here also if you want to edit or delete a policy. More precisely:
    • The Contract specification table shows information regarding the following:
      • Name of the contract.
      • Whether it is active or not. A contract is active if it hasn't been set for deletion.
      • Line of business.
      • Type of contract.
      • Policy term (set as of now for 12 months for all contracts).
      • Profit factor.
      • Employees assigned to this particular contract.
      • Deductible (if any).
      • Cover.
      • Price.
    • The Contract statistics table shows the same information as the overview window but specific to the selected policy.
    • For active contracts, you can additionally edit or eliminate them:
      • Click on the Edit contract button to edit any of its specifications. It will open the Insurance Contract Template with the current data as default (note that you cannot change neither the line of business nor the type of contract).
      • Click on the Eliminate contract button to set a contract for deletion. You will receive a pop-up warning to confirm this operation. When you eliminate a contract, all assigned employees to this contract becomes unassigned, and the current contracts will run until expiration. You will still be able to see its information until the number of contracts becomes 0. After that, all data regarding this contract will disappear from the Overview window.

Strategy tips

• Employees assigned to contracts will sell new policies each month. As of now, each employee sells up to 100 contracts per month (see the Insurance Contract Template page for details about how the number of new contracts is computed). Thus, even if you set the number of employees to 0, you'll still be collecting money from already existing contracts.
• Be careful with expanding your policy base too fast! If you are too greedy and collects too much money from insurance contracts too fast, your Solvency ratio may start to go down pretty quickly (and if it goes below 1, it is game over!).
• Once a contract has been created, you cannot edit its line of business or type of contract.

Related concepts

• Insurance Contract.
• Insurance.
• Middle Left Buttons.