New Pure Risk, Term Assure Product Launch

Ai-London have released a fully configurable Pure Risk, Term Assured product on our PlatformONE Rapid Product Launch platform. The platform allows product owners or project managers to rapidly create, test and launch new, fully-digital Pure Risk products in a matter of weeks. If you’d like to know more, we provide a free 60 day trial where you will be able to configure and test a product, with the support of an Insurtech Analyst.

Ai-London’s experience of helping LP&I providers launch over a thousand products on four continents has been packaged into PlatformONE. Guided by a Product Configurator – and with the support of a dedicated Insurtech Analyst – a product owner can create a new product that will function seamlessly throughout its lifecycle in under an hour. 

What’s in the product? For an overview, take a look at our Pure Risk Product Guide, or for greater detail you can read the Pure Risk – Term Assurance Supported Features document. In this blog, we’ll take you through all the configurable product features that are built into the Pure Risk product on PlatformONE. We think we’ve found the sweet spot between building in a complete feature set, flexible configuration, sensible defaults, and total control for Product Managers.


Currently, the platform offers Level Term Assurance. Decreasing Term Assurance will be included in Version 2 in Spring 2021. The Product Configurator allows Terminal Illness and Partial & Total Disability to be offered as additional coverages to the term assurance. Each additional coverage has its own premium computed. Minimum and Maximum age for the policy, in years, at entry, minimum and maximum duration,  and minimum and maximum sum assured limits for each offered coverage are all configurable.

There may be up to two (2) Lives Assured for the Policy. In case of 1 Life Assured, the life basis will be Single Life. In the case of 2 Lives Assured, the life basis will be Joint Life First Death Basis. Benefit is payable in the event of a claim on the first life assured.


Pure Risk on PlatformONE allows up to two policyholders, two proposers, one payer (can be a joint account) and a flexible number of beneficiaries to be configured.  


Direct Debits, Direct Debit Rejections, Payments via Third Party (consuming APIs), Credit/Debit Cards and uploaded payment files are supported Premium payment methods.

Currency, Premium payment frequencies and  premium holiday functionality for the policy are configurable. The Platform supports the premium calculation based on rate tables.

Rules for reminder cycle and follow-up actions are configurable using the Product Configurator


The Product Configurator provides functionality to define dynamic medical questionnaire. Based on the Answers to the medical questions, exceptions to coverage amounts and loading per coverage can be configured.


The Product Configurator enables commission rules to be set up. Which allows the initial and renewal commission variation based on combinations of factors such as, payment method, policy duration, policy age, premium banding, agent type.

Issue and Lapse

The Policy takes effect from the Issue Date, which can be the first premium date or chosen by the client.

Not Proceeded With (NPW)/ Not Taken Up (NTU) feature is available for the term assurance product and applies at proposal status with a configurable list of reasons.

A Cool-Off period is configurable at product level.

A lapse process is either activated by the reminder cycle for non-premium payment or the client can request to cancel the policy.

Mid-term Changes

Configuration of mid-term changes by role to Increase/Decrease Sum assured, Change to premium frequency, Duration, Payer, Beneficiary, Premium payment method, Correspondent contact details and Assigning/Un-Assigning policy are all supported.

Mid-term technical changes are logged as endorsements against the policy.


All money movements e.g. premium receipts, premium reversal, commissions, claim payment etc. are all processed using double entry booking approach.


The Platform provides a full workflow for managing claims from notification to settlements, controlled by user role and access.

Rules to compute claim value are parameterised using the Product Configurator. Claim value rules can vary by policy age if required. Minimum and maximum claim value can be defined for a claim reason.

Quota Share, Surplus and Reinsurance ratio methods are supported by the Platform. Reinsurance treaty rules, e.g. cession types, treaty limits, reinsurance premium rates and commission are configurable using the Product Configurator.If you want to find out more, take a look at the detailed Pure Risk – Term Assurance Supported Features document or Start a Free Trial.

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