Insurance Rate Plan

Available in: Lightning Expereince

Available in: Professional, Enterprise, and Unlimited Editions where Financial Service Cloud and Insurance Brokerage are enabled

Watch this video to see how to set up rate plans that represent the cost of an insurance policy for your clients in terms of premium, fees, or fully insured equivalent premium.

If you aren’t able to watch the video in full screen, open the video in a new tab: Set Up Rate Plans.

Rates can be categorized by tiers which is a further breakdown of the type of coverage that is being purchased. For example, a tier can include only an employee, or an employee and their spouse, or an employee, their spouse, and their kids. Each tier typically has a different rate amount and enrollment counts associated with it, which are inputs to the overall premium, fee, or fully insured equivalent calculation. For more information on how cost is calculated, see Cost Calculation.

• Rate Plan Types
  Rate plans typically fall into specific types that determine premium calculations.
• Set Up Your Org to Support Rate Plans
  Configure your Salesforce org to make Rate Plans available to your users.
• Manage Rate Plans
  Create a rate plan on the policy record and edit rate plan line items as needed.
• Calculate and View Expected Revenue
  You can calculate and view expected revenue at rate plan, policy, and coverage levels.