Carriers
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      Carrier Overview - Basics

      This is an overview of how to manually create and update required Carrier information.

      Core Carriers

      Core comes preloaded with a list of common carriers, which you can view here. 
      Carriers act as the master record for all products with these important details:
      • Payment Modes
      • Premium Components
      • Underwriting Classes
      • Occupation Classes

      How to Create a New Carrier


      Core provides a simple two-step wizard that guides you through creating a Carrier record.
      • Add the carrier name
      • Create an Alias. 
        • The alias should be unique, concise, and clearly represent the carrier to avoid confusion.
        • Typically, an alias consists of three to four characters.

      How to Update the Carrier Record

      You will need to add the following components to the carrier record:

      • Payment Modes
      • Premium Components
      • Underwriting Classes
      • Occupation Classes
      • Each tab within the carrier record—Payment Modes, Premium Components, Underwriting Classes, and Occupation Classes—functions similarly to an Excel spreadsheet. To add additional rows,  right-click within the tab and select the option to insert a new row(s).

      • The system provides a dropdown menu with generic components. You must manually add the carrier-specific (Insco) name.

      • These components must be added to the Carrier record before creating a product. 

      Updating the Communication Info Tab

      The Communication Info tab is useful for:

      • Store All Carrier Contacts on One Page: Maintain a comprehensive list of carrier contacts for easy access.
        • Alternatively, you can use the Employees tab to manage and maintain carrier contacts. This option allows for organized tracking of individual contacts associated with each carrier.

        Important Terms

        Carrier Alias: This is a shortened, easily recognizable abbreviation assigned to a carrier for simple identification and reference.

        Insco: Core terminology for Insurance Carrier.

        NAIC: This is a unique identifier assigned to insurance companies by the National Association of Insurance Commissioners (NAIC). 

        Occupation Classes: Classify policyholders based on the risk level associated with their occupation. These classes can influence underwriting decisions and premium rates. Common occupation classes include:

        • Class 1: Low-risk occupations (e.g., office jobs, administrative roles).
        • Class 2: Moderate-risk occupations (e.g., skilled labor, certain technical roles).
        • Class 3: High-risk occupations (e.g., construction workers, firefighters). This classification helps carriers assess the risk level of insuring individuals in various professions.

        Payment Modes: This refers to the different methods or frequencies by which premiums are paid to the insurance carrier. Common payment modes include:

        • Annual: The premium is paid once a year (Factor: 1.0)
        • Semi-Annual: The premium is paid twice a year (Factor: 0.5)
        • Quarterly: The premium is paid four times a year (Factor: 0.25)
        • Monthly: The premium is paid every month. These modes provide flexibility for policyholders to choose how and when they make payments (Factor: 0.0875)
        Premium Components: This refers to the different parts that make up the total premium charged for an insurance policy. They can include:
        • Basic and Target Premium: The core amount charged for the insurance coverage.
        • Policy Fees: Additional charges for administrative costs.
        • Riders or Add-ons: Optional benefits or coverages added to the base policy, which may require additional premiums. These components help in determining the total cost of the policy for the policyholder.
        Underwriting Classes: Categorize applicants based on risk factors that affect their insurability and premium rates. Common underwriting classes include:
        • Preferred: Individuals with the lowest risk and excellent health, leading to lower premiums.
        • Standard: Individuals with an average risk and good health, resulting in standard premiums.
        • Substandard: Individuals with higher risk due to factors like health issues, leading to higher premiums. These classes help carriers assess the risk associated with insuring a person and set appropriate premium rates.