Technical Premium

Socotra enables you to optionally track the “technical” or “pure” premium alongside the actual charged premium for each peril.

Overview

Technical premium is calculated, tracked, and updated the same way as actual premium:

  • Tracked at the peril level

  • Allocated to periods of coverage

  • Prorated the same way in cancellations

  • Recalculated during repriced endorsements

Rollups of technical premium are available at the exposure and policy level if all perils have technical premium defined. Technical premium does not create financial transactions, and therefore are not itemized on invoices

Configuration

In the peril premium calculation, use the set_month_technical_premium or set_year_technical_premium liquid filters to record the technical premium.

Example: [myPerilName].premium.liquid

{{  950 | set_year_technical_premium }}
{{ 1000 | set_year_premium }}

Documents

Technical premium is exposed in document templates in the data.policy.exposures object.

API

Technical premium is available as part of the Policy2Response, in the PerilCharacteristicsResponse object.