When someone opens a file someone else is already editing the edits are lost. Is there a way to tell OneDrive to solve file conflicts differently than "haha fuck your changes"?

Person 1 starts editing file "something.docx"
Person 2 opens "something.docx"
Then, when person 1 saves "something.docx" the edit is lost.

I'd like to see if OneDrive allows for file versioning and conflict resolution in a way such as, when saving, just creating two files named differently for each version "something1.docx" and "something2.docx", for example.

Anyone knows a way to do this?