Insurance setup
You can configure the various types of insurance that the bank uses for their business purpose. You can also configure the insurance types and the object to which the insurance is applicable, like Application, Party, and Collateral. It helps you configure a formula for premium calculation, associate it to each insurance type, and configure the different insurance types offered as part of a Loan Product.
Prerequisites
Before you proceed to configure insurance, ensure that the following prerequisite is met:
Calculation Sets must be defined.
Steps
To configure insurance:
Log in to your Salesforce account.
Go to App Launcher and select Origination Configuration.
Go to Insurance Setup and select Insurance Definition.
The list of Insurance Definition Names is displayed on the page that appears.
Select New.
The New Insurance Definition page is displayed.
Specify the required field values as described in the field reference table.
Select Save.
On the page that appears, go to Related > Product Insurance Associations and select New.
The New Product Insurance Associations page is displayed.
Search and select the required CL Product.
Select Save.
Field reference
| Field name | Description |
|---|---|
| Insurance Setup | |
| Insurance Definition Name | Name of the insurance to be defined, for example:
|
| Object Type | This field stores the information for object type on which insurance needs to be defined, such as:
|
| Premium Type | This field is used to identify whether the premium is calculated for a single borrower or a combination of borrowers. It depends on the Object Type selected. |
| Add to Loan Account | If this checkbox is selected, the insurance premium amount is added to the loan amount. |
| Calculation Set | This field helps you select the required Calculation Set Name, such as:
This field is used for selecting the expressions for a particular insurance definition. Different insurance definitions can have a different formulas to calculate the premium amount. |