RISKDETS

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See the NOVUS Walkthrough Guide for general information about the system.


Risk Details

Details of a risk can be itemised and edited. Depending on the particular section group, the list might comprise a list of properties, a fleet of vehicles, ships or aircraft. The list will display the appropriate headings for the risk list e.g. licence plate or gross plated weight for a fleet of vehicles.

To delete a location or vessel, navigate to the Insurable interest in the top right panel and Ctrl + Delete. the system will automatically save, to leave just click Close.

Section groups must be configured by Morning Data.

A policy type can link to a defined details group. See the section groups page for more information

With Morning Data’s assistance, the breakdown of a risk can be set up within the risk program and accessed via the Edit Risk Details link in the risk. Options include accident and health, bloodstock, building warranties, cyber, financial lines, forestry, liability, marine, motor MTC FTC, medical malpractice, property (US), project, property, workers compensation, and yacht.

Each details type has been configured in a generic manner. In the case of motor, the type of information held at detail level includes licence plate, cubic capacity, period of insurance, number of seats, sums insured etc.

In the simplest arrangement, all sections of a policy are linked to the same section group (‘M’ in the case of motor) so that details of the fleet (or a single-vehicle) needs only be set up once for all sections. The policy type determines which details screen can be used.

This design principle can be extended to other types of insurance where a breakdown is required; for example animals in a zoo, marine fleets etc.

Each element in the risk details screen can be assigned its period of cover (within the period of the policy itself), and other details such as the sums insured. If material damage insurance applies, sums insured will need to be specified against each element and aggregated by risk ID into the aggregations' window.

Each element can be separately rated to produce a premium figure for each line item for each section linked to the current section group. The rating mechanism requires the necessary configuration into a number of rating tables within the rating engine.

It is important to reinforce the significance of section groups. As mentioned, each section type must be linked to a specific section group supported by Morning Data.

A policy with three sections might have sections A and B linked to group M whilst section C may be linked to another group – or not linked at all. Clicking the Edit Risk Details link for the risk whilst viewing either section A or B will enable those aspects associated with the ‘M’ group to be entered and rated.

If the risk, however, is on section C then the Edit Risk Details link will either have no effect (if not linked) or bring up a screen suitable for entering the list of rateable items commensurate with the section group for section C. For example, this could enable a list of animals to be entered or details about a fleet of ships.

Where endorsements have been processed that do not generate a change to risk details, tracking of premium and sums insured changes in risk details show that where subsequent endorsements DO generate a change in risk details, the correct AP or RP values are passed through to the transaction processing program.

When considering the impact of inward policies on the outward reinsurance programme, it is important to remember that the structure in IOLINK is based on underwriting year, business class and location code. It may be necessary, therefore, to have each section on a policy configured with different business classes in order to link correctly to the reinsurance programme.

Risk Details

This section uses the ‘M’ (motor) section group as an example.

The ‘M’ section group has been configured by Morning Data to enable such attributes as manufacturer, model, year, VIN, licence plate, type of vehicle, year of manufacture, number of seats, engine capacity, sums insured, driver details and period of insurance (within the period of the policy) to be added.

Dropdown lists have been provided for several data elements including risk item code type and class. This is because the premiums can be calculated on these elements in conjunction with a number of other rules.

All sums insured and deductibles are understood to be in the currency of the policy. The rating engine itself is set up in base currency (e.g. minimum premium, sums insured ranges) but the resulting premium will be expressed in the currency of the policy based on the rate of exchange specified in the main risk screen (defaulted as the rate of exchange prevailing at the date on the inception of the policy).


RISKDETMC.PNG


Adding new values and rate % to the list of risk items will cause the premium to be recalculated for all relevant sections according to the current rateable details (e.g. cubic capacity) and the rules. The total premium is displayed in the information tab in the risk details.

Clicking the Adjust Premium button will open the claims history and premium breakdown window. This will not change any previously calculated or adjusted figures. but discounts and loadings can be added to revise the premium.

When entering risk details for the first time, there is no need to spot calculate each line. By saving the details and committing the changes in the main risk window, the aggregated sums insured for each section will be brought into the respective section of the risk record along with the aggregated premium as entered or adjusted, if this has not been done, as calculated by the default configurations. However, if a risk detail is changed in a way that will affect the premium then the record must be recalculated.

In the motor details, each item on the list can be tagged with a unique licence plate, chassis details, year of manufacture, model and type of vehicle. The sums insured for each risk item (vehicle) is aggregated into the total sums insured for one or more sections.

The edit risk details link is disabled where the policy type does not have a risk details type attached.

Calculation of Premium

In an extension to the risk details, HELIX provides the capability to compute premium and mid-term adjustments for each risk item.

Clicking on the Adjust Premium button in the risk details screen will invoke the computation of premium for that one risk item and allow discounts and loadings to be applied for each pertinent section on the off-policy. Accepting the entries within the risk details screen will automatically invoke the computation of those risk items not manually inspected/adjusted with the Adjust Premium button. In this way, on exiting the Risk Details window, the aggregated premium for all sections is carried automatically into the main risk for each respective sections and thence carried automatically into the TRANPT technical entry program for processing an original premium.

Clicking on the View on Map button will invoke either the RISKMAP or the MARVIEWER program depending on the type of risk displayed.


List of Risk Details Types

Below is a list of the risk details screens that are currently available to purchase as an additional option from our library - click through the link to see more details about each screen. Where fields in the risk details screens contain special characters which are stored in the database as XML content, these special characters will display correctly on the screen. Further risk details screens for new business classes (for example, Bloodstock, Yacht, Aviation, Workmen's Compensation) can be developed as an additional option. Please discuss your requirements with Morning Data.


RISKDETAH

RISKDETAH (Accident and Health)

RISKDETAH.PNG

The information tab has data capture fields to record details such as NBC (nuclear, biological, chemical), active war, or terrorism. There are two further tabs where free text entries can be made for notes and claims. On this screen like all screens, you must select the Auto/Manual button to decide if the Premium calculated on the Risk details screen is pushed up to the section Est GWP field.


RISKDETBW

RISKDETBW (Building Warranties)

RISKDETBW.PNG

The information tab has data capture fields to record details such as completion date, contract price, employees, scheme, reinstatements and contractor information. There are two further tabs where free text entries can be made for notes and claims.


RISKDETCY

RISKDETCY (Cyber)

RISKDETCY.PNG

The information tab has data capture fields to record details such as the revenue impact, description of the business code and type. There are two further tabs where free text entries can be made for notes and claims.


RISKDETDY

RISKDETDY (Direct Yacht)

RISKDETDY.PNG

The information tab has data capture fields to record details such as vessel owner/vessel manager, call sign, max speed, fuel consumption, vessel flag, DWT, liquid oil, and vessel type. There are four further tabs where construction, draught and displacement, hull type, and manufacturer and beam can be recorded, and free text entries can be made for notes, and claims.


RISKDETFL

RISKDETFL (Financial Lines)

RISKDETFL Mar2022.png

The information tab has data capture fields to record details such as retroactive date, long term agreement date, proposal date, fact-finder date, founded, ERN (employer reference number), trading name and contractor name. There are three further tabs where free text entries can be made for business description, notes, and claims.

RISKDETFT

RISKDETFT (Forestry)

RISKDETFT.PNG

The information tab has data capture fields to record details such as planted dates, area size, species, thinned, and fire plan. There are four further tabs to record water types and capacities, fire crew teams, notes, and claims.


RISKDETLI

RISKDETLI (Liability)

RISKDETLI.PNG

The information tab has data capture fields to record details such as retroactive date, long term agreement date, proposal date, fact-finder date, founded, ERN (employer reference number), and trading name. There are three further tabs where free text entries can be made for business description, notes, and claims.


RISKDETMA

RISKDETMA (Marine)

RISKDETMA.PNG

The information tab has data capture fields to record details such as year built, vessel type, vessel flag, vessel class, gross register tonnage, TRG number, deadweight tonnage, MMSI number. There are four further tabs to record construction type and narrative, additional information such as ice-class, manufacturer and survey, and free text entries for notes and claims.


RISKDETMC

RISKDETMC (Commercial Motor)

RISKDETMC screen.PNG

The information tab has data capture fields to record details such as founded date, radius, units, ERN (employer reference number), DOT number, trading name, and turnover. There are three further tabs where trade/description and commodities, and free text entries can be made for notes and claims.


RISKDETMM

RISKDETMM (Medical Malpractice)

RISKDETMM.PNG

The information tab has data capture fields to record details such as proposal form date, extended reporting dates, number of births, split of private/public work, trading since, retroactive start patient population, retroactive start date, obstetrics, teaching facilities, unscheduled care, cosmetics, telehealth and practice. There are four further tabs where professional / business activities can be recorded, and free text entries can be made for notes, and claims.


RISKDETPA

RISKDETPA (US Property)

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The information tab has data capture fields to record details such as year built/upgraded, square footage, number of buildings, protection class, number of storeys roof shape and cladding, co-insurance, indemnity period, sprinklers, and soft storey. There are four further tabs where occupancy type and description, and construction type and description can be recorded, and free text entries can be made for notes, and claims.


RISKDETPJ

RISKDETPJ (Project)

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The information tab has data capture fields to record details such as: founded, sub-contract value, employee numbers, sub-contract duration, number of vehicles, reinstatements, project description and subcontractor role. There are three further tabs where project codes can be recorded, and free text entries can be made for notes and claims.


RISKDETPR

RISKDETPR (Property)

RISKDETPR screen.PNG

The information tab has data capture fields to record details such as year built/upgraded, square footage, number of buildings, protection class, number of storeys roof shape and cladding, co-insurance, indemnity period, sprinklers, and soft storey. There are four further tabs where occupancy type and description, and construction type and description can be recorded, and free text entries can be made for notes, and claims.



Version History

v 6.2.0 – Updated to the latest version
v 6.1.0 – Updated to the latest version
v 5.2.0 – Updated to latest version
v 5.0.0 – Updated to latest version
v4.4.0 - Updated to latest version