MagicPV
An automation solution for renewing and calculating premiums and liability reserves
This solution automates the renewal and calculation of insurance premiums and reserves based on insurance product and risk rate documents.
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Extraction of basic rates from valuation templates
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Management and modification of basic rates
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Management of calculation formulas
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Verification of calculation formulas
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Automatic renewal and calculation of insurance premiums and reserves
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Document formula editing
PV Calculation Method
Parse valuation templates to deconstruct and extract characters, numbers,
and formulas and to automatically calculate insurance premiums and reserves based on
the programmed formula information.
Patent: Automatic Compile Method and Apparatus of Documents
(Patent No. 10-2131423)
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Automated PV Calculation via Parsing Technology
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Compilation of Valuation Templates
PV Calculation Process
Key Features
Manage basic rates for renewed products and formulas based on valuation templates
and automatically check errors for real-time insurance premium verification
and re-calculation of renewed premiums.
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Basic rate management
- Reflect PV calculation results when modifying basic rates (interest rates, business expenses,
and risk rates) of renewed products
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PV calculation formula verification
- Manage (recognition/verification/change) and automatically detect errors in calculation formulas
of valuation templates
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Automatic PV calculation
- Automatically generate PV result tables after parsing and verifying formulas
and information based on valuation templates
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Benefits
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Productivity improvementMaximize work efficiency
through automation of PV renewal and calculation (automatic management of renewed products) -
Process
automationEstablish an automated system
for PV calculation and verification -
Accuracy
assuranceAccuracy in the calculation of insurance premiums and reserves
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Cost
reductionSimplify verification personnel
and procedures through automated
PV calculation
Functions
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01
Rate management
Manage interest rates, business expenses and applicable risk rates
Manage lapse rates
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02
Formula management
Automatically compile documents
Validate calculation formulas
Navigate correlation and reference relationships of formulas
Create calculation models
Custom functionality (exception rules for formulas)
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03
Calculation of PVs
Configure model points
Generate PV in real-time during writing of calculation methods
Link databases generated premiums and reserves
Automatic compilation and program automation
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04
Product renewal
Register and manage product renewal cycles
Register products subject to renewal/amendment
Manage sales start/end points
Register renewal processes
Notification windows for upcoming renewals
Execute renewal (risk rate application, rate application, and PV calculation)
Batch renewal
Submission and approval functions for changes in rates and risk rates
