Premium Calculation

Seamless calculates the premium breakdown by combining various factors to ensure accuracy and transparency. Here’s how it works:

1. Tariff Premium: The starting cost of the insurance product based on the coverage and risk factors.

2. Adjustments:

   1. Underwriting Adjustments: Modifications applied at the policy or cover level.

   2. Sales Discounts: Discounts added during the quotation process.

   3. Customer Discounts

   4. Promotion Discounts: Reductions applied using promotion codes.

   5. Payment Discounts: Discounts or charges based on payment terms (e.g., lump sum vs. installments)

3. Commissions:

   • Product Commission: Compensation built into or added to the premium.

   • Sales Commission: Payments to sales agents, affecting the total premium.

4. Taxes and Policy fees: Any applicable taxes or regulatory fees are added to the premium.

Certain components (customer discounts, payment discounts, e.g) require specific features and setup. If you need to use these but don’t see them, please reach out to our Support team for assistance.

Underwriting adjustments allow you to adjust premiums at both the Policy and Cover levels.

Open

• Enter the adjustment percentage in the UW Adjustment white box.

• Use button to expand and view all adjustment factors for each cover.

• Toggle between Policy and Cover levels using button

• Add comments for the adjustment using button for clear documentation.

Note: Fixed-price covers and taxes (e.g., Hussopp) are not affected by underwriting adjustments.

Sales discount allow you to adjust premiums at the Policy level.

Enter the discount percentage in the Sales discount white box.

• Enter the promotion code in the Promotion Code box

• Seamless will validate and apply it to the quote.

  • An error message will appear when the code is invalid

• The discount is calculated, and the premium is reduced accordingly.

Please see Promotion discount setup for more information.