What's new in PolicyCenter for Olos

A splittable entity enables flexible, accurate handling of policy changes by allowing entities to be divided into independently managed segments over the policy lifecycle. These segments are called splits.

A splittable entity refers to a data model object such as a risk or exposure that can be divided into multiple segments or "splits" based on changes in policy terms, such as effective dates, locations, or other relevant criteria. Splitting allows you to manage, rate, and apply rules to each segment independently, reflecting changes in risk or policy structure over time.

• An entity can be split as of a specific effective date, creating separate slices for different periods or conditions within the policy term.
• When an entity is split, certain fields can have different values in each split, allowing for accurate rating and rule application for each period.
• Splitting is commonly used for exposures or risks that are basis scalable, for example payroll or sales amounts that change mid-term, or risks that need to be tracked separately due to changes in coverage or location.
• Values such as basis amounts are prorated for each split, ensuring that calculations and coverages are accurate for the split's timeframe.

For example, consider a case where a policy covers a building and there is a change in occupancy or a new location is added mid-term. The building risk entity can be split at the change date. Each split represents the risk for a specific period, with its own set of attributes and coverages.