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Oracle® Rules Palette Release 9.1.0.0.0 E15811-01 |
The steps below explain the process for creating a new rate group.
Steps to Create a New Rate Group
Click the Admin Explorer tab.
Right-click on the Rate Groups folder.
Select New Rate Group. The Rate Group Wizard will open.
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 you want to add your 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 your rates manually using the Rate Group Editor.
After the Rate Group has been successfully added, you can upload aggregate rates, select rates or select/ultimate rates from an excel spreadsheet.
