Insurance Quotation and Commission Calculations

A multi-national insurance firm needed an application to generate quotes for life insurance and subsequently determine commission rates for a hierarchy of agents. The firm was mailing a schedule to all agent district offices on a quarterly basis. There were incorrect manual calculations being performed by the agents in some cases, causing needless conflict.

Developed the application to generate a quote based upon user specified criteria. The criteria was based age, sex, coverage level, deductible, spouse age and number of children. The payment schedule could be varied by an equivalent payment multiplier controlled by the client (ranging from weekly, monthly, quarterly, annually).

Since the client required maximum flexibility, all category thresholds were controlled by data maintained within an ACCESS database. The client can add new payment schedules with multipliers as the need arises. The client had the ability within the application to maintain all lookup information by an administrator password.

The application has allowed the client to ensure calculations are done consistently and accurately. The information taken during the quote process are generated as a report which can be handed to the potential insuree. Commission schedules are also computed correctly which has reduced stress levels between agents and officers. The application and database can be downloaded from a central office as needed saving drastically on mailing costs and ensuring every agent is using the same schedules.

The tools used were VB and an ACCESS format database. The application runs on Windows 3.1/95/98/NT.