Munich Re Inland flood coverage setup

Munich Re has a personal lines policy endorsement, Munich Re Inland Flood Coverage, for insurance companies who want to help their policyholders manage their flood risk more economically.

BriteCore’s policy management system integrates with Munich Re Inland Flood Coverage for the following personal lines:

  • Homeowners
  • Dwelling Fire

Munich Re setup

To complete set up Munich Re Inland Flood Coverage:

  1. Contact Munich Re.
  2. Complete the required paperwork.
  3. Obtain the following information from Munich Re:
    • API Key
    • Username

BriteCore setup

Vendor Setup

To set up Munich Re Inland Flood Coverage in BriteCore:

  1. In the BriteCore menu, select Settings.
  2. In the Settings menu, select Vendors.
  3. On the Vendors screen, under Additional Insurance Products, select Munich Re.
  4. Next to Munich Re, select the edit icon .
  5. Proceed to the Munich Re InDepth API setup section below.

Munich Re InDepth API setup

Munich Re uses the Munich Re InDepth API  to determine eligibility for the coverage based on risk location.

To set up the Munich Re InDepth API:

  1. In the Step 1 – Munich Re InDepthSM API Settings section, in the box (Test or Production) that shows as the Active Environment, complete the following steps:
    1. In the API Key box, type the Munich Re API key.
    2. In the Username box, type the applicable username.
    3. In the Password box, type a password.
    4. In the Confirm Password box, type the password again.
    5. Select Register.

Note: You can test the connectivity by selecting the Refresh next to the Token field.

Create your coverage item(s) in Lines

You can create any items in Lines to represent the inland flood coverage and specify them with system tags.

Note: Full setup instructions are provided on the screen. To easily refer to the instructions on the main page, you may need to open multiple tabs during setup.

Set up the Munich Re Inland Flood coverage line item

To set up the Munich Re Inland Flood coverage line item:

  1. In the BriteCore menu, select Lines.
  2. On the Effective Dates screen, select the applicable effective date.
  3. On the Policy Types screen, complete the following steps:
    1. In the Select State or Province dropdown, select a state or province.
    2. Navigate to the applicable Line, and then select the Add Policy Type icon .
  4. On the Details screen, in the Setup section, under Primary Exposures, select the Add Line Items icon . The Edit Line Item dialog box will open.

    Note: You can also add Munich Re coverage in a Sub Line.

  5. In the Edit Line Item dialog box, complete the following steps:
    1. In the Line Item Name box, type the name of the line item, such as Inland Flood Coverage.
    2. In the Line Item Description box, type a description of the line item.
    3. Next to System Tags, select Edit.
    4. In the Edit System Tags dialog box, make the necessary edits.

      Note: To view your tagged item(s) along with the values, refresh the screen. Refer to Step 3 – Munich Re Product Tagging on the Settings > VendorsMunich Re screen.

      Figure 1: Step 3 – Munich Re Product Tagging screen.
    5. Select Done.
  6. Follow the steps in the Line item setup section below to finish setting up your line item.

    Note: See Line items for additional information.

Line item setup

To finish setting up your line item:

  1. In the Edit Line Item dialog box, select Setup, and then complete the following steps:
    1. In the Type dropdown list, select Coverage.
    2. Select the following options:
      • Line item has a limit.
      • Line item has a rate and/or deductible.
  2. In the Options section, select Display on Declaration as, and then, in the dropdown list, select where you want to show the item on the declaration.

Note: To allow agents to write this coverage on new quotes, select Show in Builder: BriteCore & BriteQuote.

  1. Select Rating.

Important: Rating won’t appear unless you selected Line item has a rate and/or a deductible in the Type section.

  1. Select the Add to Chain icon , and then add the following objects to the Rate Chain:
    • Limit
      • In the Source dropdown list, select Limit is chosen by the user from a fixed list.
      • In the Limit Options section, type your agreed-upon limit options for the coverage.
    • Deductible
      • Select Independent Deductible.
      • In the Deductible and Modification sections, type your agreed-upon Deductible options for the coverage.
    • Evaluation
      • In the Code Assigned To dropdown list, select Premium.
      • In the Python Code to Evaluate box, build your premium evaluation by providing the complete list of deductible, limit, and flood risk combinations along with the agreed-upon premium for each combination. An example premium evaluation follows:
        {
        '500|10000|1': 1234,
        '500|10000|2': 2345,
        '1000|10000|1': 1234
        }.get('{}|{}|{}'.format(
              int(this.deductible),
              int(this.limit),
              vendor_data(this.property,
                          'MUNICHRE',
                          'indepth_eligibility')['response'].get('KatRiskFloodScore', '10')
              ), 10000)

        Note: The vendor_data function pulls in the KatRiskFloodScore returned by Munich Re’s API.

  2. When you’re finished, select Save at the bottom of the screen.