InsuranceProduct
Factory4.1
UserGuide
Copyright © FintechOS 2022. All rights reserved.
TOC
Overview 4
CreatingProducts 4
ManagingProducts 5
Integrations 5
Installation 9
1Prerequisites 9
2ImportPackages 9
3Installation 10
ProductManagement 13
InsuranceProducts 13
InsuranceProductsView 14
CreatinganInsuranceProduct 15
CreatingaDraftInsuranceProduct 31
ModifyinganInsuranceProduct 33
DeletinganInsuranceProduct 33
InsuranceRisks 34
CreatingRisks 34
ModifyingRisks 35
DeletingRisks 36
InsuranceTypes 36
CreatingTypes 36
ModifyingTypes 38
DeletingTypes 39
PolicyAlterationTypesforInsuranceTypes 40
TABLE OF CONTENTS 2
INSURANCE PRODUCT FACTORY USER GUIDE
Configurations 42
BusinessFormulasIntegration 42
ProductLifeCycle 44
StatesDescriptions 45
ProductStateTransitions 45
GetPremiumAmountAPI 46
Glossary 53
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INSURANCE PRODUCT FACTORY USER GUIDE
Overview
Insurance Product Factory is an end-to-end solution for growing and managing your
insurance products portfolio. You can create new products, modify some of the
conditions for your products, or retire products. As the portfolio evolves, the solution
enables you to keep your product portfolio disciplined, accessible, and
comprehensible, while solidly handling the life cycle for all your different products, in
an efficient manner.
CreatingProducts
With this FintechOS solution for insurance, you can evolve a diversified collection of
re-usable insurance components (such as types, risks, or product items) that you can
further utilize as building blocks for the assemblage of highly personalized insurance
products. A product item can be configured to represent a specific insurance
coverage, with its own accounting, calculation, and charging structure. No coding skills
required! You also author and manage insurance products from a single
comprehensive digital solution and this greatly reduces the scope for
misinterpretation of the product design specifications errors - as it is still often
experienced in insurance companies that use a “product coding from spec by IT”
approach.
With the Insurance Product Factory, you can create insurance products by configuring
insurance types, product items, risks, premiums, fees, conditions; and also by
specifying the coverage, grace period, conditions for suspension, for generating
invoices, limit the availability of your products and more. This solution integrates
smoothly with FintechOS Business Formulas to help you reduce completion time for
premium amount calculations, insurance risk rules and underwriting rules
configurations or for testing different product offers. Once activated, embed your
product into digital journeys to expose it to your potential customers - through
different digital touchpoints, channels, or portals.
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The solution also allows you, in conjunction with other FintechOS capabilities, to
replicate your existing insurance products managed through legacy systems, into the
Insurance Product Factory repository - that can be drawn upon when launching new
products, or versioning existing ones. You are free to use your product knowledge to
decide the degree of similarity between the old and the new products and you have
tools in place to test your creations.
ManagingProducts
The Insurance Product Factory makes it easier for you to streamline the development
of insurance products, as well as their deployment and maintenance. This direct
coupling along the product lifecycle makes place for better performance, also when it
comes to portfolio management.
The products that you develop might transition between different business statuses -
like Draft, Approved, Closed, or they might be updated to a new version, they might
be the subject of special offers, or they might be part of recurring offers (but with
limited availability), and so on... For all these cases and more, you use Insurance
Product Factory to be on track with accurately recording and housing the said
changes, control product behavior and, also, to efficiently organize the updated
information.
Integrations
The solution being part of a larger ecosystem, benefits from smooth integrations with
other components or solutions from the FintechOS insurance suite, allowing you to
reap the digital synergy at hand - for example, Billing and Collection for automatic
invoicing and collection management, Policy Admin for managing the policies
containing your products and Claims Admin for handling the claims.
You can also leverage the capabilities of the Business Decisions Processor and
Business Formulas, to implement complex decision modeling for insurance risk rules
and premium calculations and apply them to different collections of insurance
products.
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More than that, the Insurance Product Factory can be also used in conjunction with
different automation processors, to create a better place for business performance.
Build around your customers with FintechOS Computer Vision Processors, Digital
Documents Processors, eSign, Face Recognition, Omnichannel Campaigns, and more.
For more details, consult the Automation Blocks documentation.
IMPORTANT! The Insurance Product Factory version 4.1 is supported by the
Innovation Studio version 21.2. and newer.
BusinessPainPoints
FintechOS clients use the Insurance Product Factory module to respond to
different challenges related to:
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time-consuming routines;
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routines more prone to human error when done manually;
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the sheer volume of changes to be recorded and accounted for;
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little time to create insurance products and launch them;
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pressure to adapt constantly to fluctuating markets.
Insurance companies use Insurance Product Factory to reduce the
completion time required to create, configure, activate, change, and manage
insurance product portfolios.
InsuranceProductFactoryKeyFeatures
The Insurance Product Factory module enables insurers to achieve
efficiency, gain flexibility and organize their insurance products data for
analysis and operational purposes easily. The solution has the following key
features:
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Specific product configurations regarding availability periods for
products, policy adjustments, policy transitions automated workflows
or statement generation settings.
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Adjustable collections of insurance product items, additional clauses,
modules and risks covered by the insurance products.
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Integration with Formula Engine for premium amount calculations,
insurance risk rules and underwriting rules configurations.
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Product-related documents management.
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Full versioning functionality.
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Varying levels of access concerning users' involvement with a specific
product, or product view.
InsuranceProductFactoryKeyBenefits
The benefits of using Insurance Product Factory are the following:
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Digital: automates routines, improves accuracy, manages complexity and
transaction volumes, in real-time.
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Flexible: manages one-time and low usage product launching scenarios and
also the frequently recurring ones and it can scale from the simplest of
product portfolio management models to the most complex ones.
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Safe: FintechOS role-based security architecture allows users, once
authenticated, to interact only with the selected product, flow steps or
interfaces associated with their role.
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Personalized: the solution is highly customizable - you can use Innovation
Studio to further tailor Insurance Product Factory to respond to your
particular requirements.
InsuranceProductFactoryPotentialUsers
This solution is aimed at everyday use by different types of insurance
professionals:
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Product and portfolio development managers and executives.
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Other types of experts that might have a say in the product
development - such as marketers and underwriters.
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Product and portfolio development analysts and consultants.
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Digital marketing agencies, with a strong footprint in the insurance
field, seeking to build draft product offers, or MVPs, for their clients
(insurance companies) - potentially as part of a larger deal that involves
the market research phase, the product testing and the marketing of
the respective product.
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IT companies or digital assets management agencies seeking to service
a particular niche in the insurance field - such as small and medium
sized insurance companies with strong local presence (and with legacy
portfolios containing, for example, life policies underwritten years ago),
currently looking to outsource the IT and administration of said policies
(in order to improve customer satisfaction, lower costs, and even
reduce capital requirements) but lacking the skills to go digital or scale
with FintechOS just by themselves.
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Insurance company owners with an entrepreneurial mindset seeking to
translate their monolithic legacy hard-coded insurance products into
flexible mix-and-match highly personalized insurance products, ready
to be delivered through different digital touchpoints, channels, or
portals or just looking to re-engineer and evolve the products they
bring to market, and making them ready for new types of distribution.
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Any consultancy agency with a strong footprint in the insurance field,
that is specialized in digital product co-creation, adjustment and
enrichment.
HINT Integrate Insurance Product Factory with more FintechOS solutions for
insurance in order to make the best of process automation for your company,
portfolios, products and clients!
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Installation
Follow the guidelines below to import and configure the Insurance Product Factory
module.
1Prerequisites
Platform version compatibility: FintechOS Core DPA Platformv21.2 and above.
Dependencies: Standard Syspackv21.1.6002 or higher.
Insurance Apps Dependencies: N/A.
If upgrading from Insurance Product Factory V4.0, then see below:
Upgrade instructions: run [Before ][Upgrade] - Remove dataConfigDefinitionFrom IP
Import.sql script, available in the Upgrade folder from the digital asset location.
2ImportPackages
Digital assets location: FintechOS Release Hub
Digital assets description:
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Insurance Product Factory v4.1 is the digital asset designed for managing the
entire insurance portfolio.
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Insurance Product Factory Import Package v4.1.0 is the data import
configuration package for insurance products, insurance risks, and insurance
types. It also contains demo insurance products and versioning settings. See
details below.
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3Installation
The following is the standard procedure for how to import a digital asset:
1. Go to Innovation Studio and log in with Developer credentials.
2. Navigate to the DevOps menu entry. From the dropdown, click on Deployment
Package to open the Deployment Package List page. On the top right-hand side
corner, click the Import deployment package icon. The local File explorer window
opens.
3. Perform the installation as described in the standard procedure. If the case, pay
attention to the order of importing the chosen package, as stated in the Import
Packages section and the Prerequisites section.
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4. A new form is launched where the xml summary is displayed and the user indicates
the project. Use the deployment package embedded project (display xml OPIS within
brackets - project name, apps included) or use a project existing in that environment
and select it from a drop-down list, or create a new project.
5. Confirm the project selection and project name and click Import to start the job.
The system checks the deployment package metadata and if no errors occur, the
metadata is successfully added into the database.
After the import is finished, you can see the success message and you can access the
Deployment Package Log window which allows you to see the details of your import
project. The Deployment Package Log displays all the entities, attributes,
configurations, flows and items used by your Insurance Product Factory solution.
If the are any errors, the system displays a toast message with the reason why the
package could not be imported. To see the warnings, consult the log of the selected
deployment package. For more information, see Viewing Deployment Package Logs.
On import, the system checks the package hash to see if the package content has
been altered. If so, the import may still proceed with a warning (which is logged in
Deployment Package Import Log), or it may be denied and the package will not be
imported (an error is logged that the package content was altered).
The following messages may be displayed by the system on import:
Field Status
A newer application is already installed Error
Application will be upgraded Warning
New Passed
You cannot upgrade an obsolete application Error
Existing platform version is lower than minimum platform version required Error
InsuranceProductFactoryImportPackagev4.1.0
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Digital asset location: FintechOS Release Hub.
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Digital asset description: Data import configuration package for
insurance products, insurance risks and insurance types. Contains
demo insurance products and versioning settings.
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Platform version compatibility: Core DPA Platform 21.2.
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Dependencies: Standard SysPack v21.1.6002 or higher.
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Insurance Apps Dependencies: Insurance Product Factory v4.1.0.
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Upgrade from: N/A.
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Install instructions: follow the standard procedure on how to import,
listed above.
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After installment configurations: N/A.
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ProductManagement
The Insurance Product Factory enables you to rapidly create highly personalized
insurance products for your target markets and maintain complex insurance product
portfolios effortlessly.
Check the following pages to find out more about how you can use this solution :
Insurance Products - for details about how to configure insurance products and
product items.
Insurance Risks - for details about how to configure risks.
Insurance Types - for details about how to configure types.
NOTE The Insurance Product Factory maintains the underlying data in a
consistent data model. Consequently, you have a reliable data model for your
insurance product portfolio that you can reference when you build your digital
journeys. This allows you to manage your product portfolio at will, without having to
re-code your digital journeys every time an insurance product is added, updated, or
retired.
InsuranceProducts
The Insurance Product Factory enables you to create a great variety of products
aimed to help potential customers get insurance, as effortlessly as possible.
For example, an insurer who wants to seize the opportunity, following a market
boom, such as lots of owners selling their houses in a particular area, can create a
new Home Insurance Product promptly. The premium amount can be calculated
separately for each product item - such as the contents of the house, allowing a better
understanding concerning pricing the whole product. If needed, the insurer can also
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set a time limit for the product availability. Once activated, the product is digital
journey-ready and the insurer can expose it to potential customers through different
digital channels, relevant to that area.
NOTE Prerequisite: In order to create an Insurance Product, at least one
Insurance Type must be defined!
InsuranceProductsView
In Innovation Studio, in the Insurance Products section, you have an overview of all
the insurance products created in your system. This is an all-inclusive view; yet, you
can also search and sort your products for easier processing. For example, if you want
to view all the products in Draft status, you can use the Search by Label option and
sort all your invoices accordingly.
Below, you can see an example of a list view for products and a product search
example.
Follow these steps to view your Insurance Products:
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1.
Go to Innovation Studio.
2.
At the top left corner of your screen, click the main menu icon to open the main
dropdown list.
3.
From this main list, click Insurance Product Factory. A second dropdown opens.
4.
Next, click Insurance Products to go to the Insurance Products List.
On the Insurance Products List page:
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To inspect a record from the grid, double-click it.
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To add a new record, click Insert, at the top right corner of the page.
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To edit a Draft record from the grid, double-click it and press Edit.
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To delete a record from the grid, select it and click Delete, at the top right
corner of the page.
HINT You can export one or more records by pressing Export, at the top right
corner of your screen.
CreatinganInsuranceProduct
At the top right corner of the Insurance Products List page, click Insert to add a new
insurance product. The Insurance Product dynamic form opens. This form allows you
to create your desired product and configure the product settings. To complete the
creation journey for your product, go through all the tabs listed below. Filling in
information in the first tab activates the next tabs and lets you move forward through
the product creation journey. However, if you need to interrupt your journey, you can
use the Save and close button to save your product as Draft, and complete the
journey at a later time. While the product is in Draft business status, the form is still
editable. For more details, see the Creating a Draft Insurance Product section.
Use the tabs described below to create your insurance product:
MainInfo
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The Main Info tab has two sections:
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The General Data section - holds details about the product's main
characteristics, those which are most visible to the final customer.
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The Product Configurations section - lets you configure the details for
the policy coverage, policy administration, the scheduling of payments
and billing, and the management of claims.
NOTE You can save and come back to edit your draft product as many
times as you want. After you activate it, editing is done only by creating a
new version of the product. For more details, consult the Product Lifecycle
page.
GeneralData
In this section, generally describe your new product. The following
fields are available:
Field Description
Insurance Type
Click the dropdown to select a Type of
insurance for your insurance product - ex.
Auto, Health, Home, Travel. See "Insurance
Types" on page 36 for details.
Insurance Product
Code
Use this text area to fill in the code of the
insurance product.
Name Insert the name of your insurance product.
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Field Description
Currency
From the dropdown list, select a currency for
your insurance product.
Start Date
Pick the date when your product becomes
available.
End Date
Pick the date when the availability of your
product ends.
Use Formula Engine
Mandatory check for calculating different
insurance formulas for your product. It allows
the connection with FintechOS Business
Formulas.
Automatic InForce
Set to true if you allow automatic transitioning
from Issued to InForce business status for
policies including this insurance product, when
the date they are issued is the same as their
begin date. See Policy Admin for more details.
Maximum Discount
Set the maximum percentage of the
commercial discount which can be offered in
the sales process for your product. This field
allows numeric values.
Maximum
Commission
Set the maximum percentage of the
commission which can be offered to
intermediary sellers. This field allows numeric
values.
Description
Give some details (500 characters) about the
insurance product.
Commercial Text
Give some details (300 characters) about
the prescribing terms for a policy - the
prescribing date of the claim, calculated
as the start date of an event added to the
number of days defined for each covered
risk. This text is going to be used in
different user journeys and document
templates.
After inserting the required information, move to the next section of
the tab.
ProductConfigurations
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In this section, describe your product configurations concerning
policy coverage, policy administration, the scheduling of payments
and billing, and the management of claims.
The following fields are available for configuring Policy Coverage:
Field Description
Grace Period
The grace period for a policy. Input the number
of time units for the grace period.
Grace Period Type
From the option set, choose Days or Months to
indicate the type of grace period.
Total Indemnity Limit
Insert the maximum coverage amount provided
per insurance policy.
The following fields are available for configuring Policy
Administration:
Field Description
Free Withdrawal
Period Limit
Set the Free Withdrawal Period Limit -
necessary for Cancellation processes.
Allow Renewal
Check the box if you allow renewal for policies
including this insurance product.
Renew Type
Choose the type of the insurance policy
renewal. The option set values are: No
(default), Automatic renewal, and Renewal
offers.
Suspension
Choose if you allow suspension settings on
your insurance product. The option set values
are: No (default) and Yes.
Type of Suspension
If you set Yes for Suspension, this is the field
that allows you to select what type of
suspension you allow for policies incorporating
your product. The option set values are:
Generic and Specific. Choose Specific if you
want your particular settings to be included
into any suspension flow for that product.
Choose Generic if you allow general suspension
settings for your product, managed through
the Policy Admin module.
Days Before
Suspended
Set the number of days before a policy enters
the suspension flow.
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Field Description
Premium Update due
to Suspension
Choose if you allow premium updates on the
suspended policies. The option set values are:
No and Monthly.
Max. no of
consecutive
suspended months
before lapsing
Set the maximum number of consecutive
suspended months before a policy is moved to
the lapsing flow.
The following fields are available for configuring Payments Schedule
& Billing:
Field Description
Payment Period
Grace (days)
Insert the number of days for the payment
grace period.
Write off
Set the tolerance threshold for writing off
payments that fall shorter than the expected
agreed installment amount (for example 74.5$
instead of 75$). The option set values are: No
write-off, Generic, and Specific Write Off.
Choose:
NoWriteOff if no rule for writing off is applied
for your product.
GenericWriteOff if you allow the generic write-
off settings to be used.
SpecificWriteOff if you want to set the value for
this parameter yourself. When you choose the
Specific Write-Off option, a Json pop-up appears
and you can add your own key-value pairs, per
different currencies. Set the desired values for
this parameter. Your inserts are automatically
saved.
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Field Description
Statement
Generation
Configure the values to be used for
automatic invoice generation. The option
set values are: Generic, Specific SGDAY
and Specific Day.
Choose:
Generic if you allow the generic setting to
be used for automatic invoice generation.
Specific SGDAY if you want to set a
specific day for invoice generation. When
you choose this option, the No. of Days in
Advance (SGDAY) field becomes available
and you can insert your specific number.
Specific Day if you want the automatic
invoice generation to be performed by the
system on a specific day of the month.
When you choose this option, the Specific
day of the month field becomes available
and you can insert your specific number.
* SGDAY translates to Statement Generation Day - This parameter
stores the number of days in advance (before the payment due
date), for automatically generating an invoice for a scheduled
payment (installment) on a policy.
The following fields are available for configuring the Claims
Management:
Field Description
Claim Prescribing
Period (months)
The period of prescription of a claim,
expressed in months.
Claim Notification
Period Limit (hours)
The period during which the claimant can
notify the damage produced - in order to open
a claim on a policy that contains this insurance
product, expressed in hours.
Click Save and reload. The other tabs become available and you can
see them at the top of the screen.
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ProductCoverages
The Product Coverages tab allows you to configure the coverage for each
product item. For example, for property insurance, a customer might buy
coverage for two types of product items: first, the house and second, the
contents of the house - which can be covered individually, also.
This tab has two sections:
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Insurance Product Items - This section is reserved for items of type
Base. For example, for a Property Insurance policy, the Base insurance
product item could be the coverage for the actual building, only. And
the coverage for the contents of the house could be included as a
Rider, see below.
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Additional Clauses - In this section, you can include Riders - additional
risks that the customer wants to cover. For example, for a Life
Insurance policy, additional coverage may potentially refer to losing
working capacity.
Proceed to insert a Base product item. In the header section of the form,
under Insurance Product Items, click Insert. The Insurance Product Item
window opens. This form allows you to add any number of base items
attached to your insurance product and any relevant documents describing
each added item.
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The following fields are available for configuring each Product Item that you
create:
Field Description
Insurance Product
The Insurance Product to
which the current Product
Item is assigned to. This
information is automatically
filled in by the system.
Insurance Item Type
From the dropdown, select the
Type of the insurance product
item (ex. House/ Car). If you
need to add a new Item Type,
see "Insurance Types" on
page 36.
Name
Add the name of the insured
product item.
Is Mandatory
Check the box if the item is
mandatory. For example, a
mandatory house insurance as
part of a mortgage.
Item Type
Base - It is automatically filled
in by the system.
Operation Type
Choose Sum to have this
product item included into the
calculation of the final
premium, for the current
product.
Supervisory Authority Risk Class
This is a dropdown with a list of
risk classes, as reported by
insurers to their local, regional or
national supervisory authority.
Choose a risk class that covers
your insurance product item.
Code The code of the product.
Waiting Period
The amount of time a
policyholder must wait before
the coverage for the current
item comes into effect. Insert
the number of time units for
the waiting period (until the
current coverage becomes
available on a policy).
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Field Description
Waiting Period Type
From the option set, choose
Days, Weeks or Months to
indicate the type of waiting
period.
Indemnity Limit
The monetary amount of the
coverage provided under the
insurance policy.
Indemnity Limit Currency
From the dropdown list, select
a currency for the indemnity
limit of your insurance product
item.
Indemnity Percentage
The percentage of indemnity
limit, set-up as percentage
from the total indemnity limit
of the current product.
Icon
Upload an icon for the product
item, if the case.
Commercial description
Text area for describing the
product item.
Click Save and reload. Next, the Modules grid becomes available, at the
bottom of the form. This grid allows you to correlate groups of risks coverage
(eg. natural disasters) with your current Insurance Product Item.
In the Modules grid, click Insert to open the General window.
For each Risk Group that you add, the following information must be
provided:
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Field Description
Code
The Code for your
document.
Insurance Item Type
It is automatically
filled in by the
system with the
current item type.
Item Type
It is automatically
filled in by the
system with the type
Group.
Parent Insurance Product Item
It is automatically
filled in by the
system with the
Parent Insurance
Product Item.
Name
Add the name for the
Risk Group.
Is Mandatory
Check the box if the
feature is a
mandatory one.
Nat-Cat coverage
Check the box if the
risk item belongs to
the Natural
Catastrophes group.
Icon
Upload an icon for
the risk item, if
necessary.
Commercial description
Text area for
describing the
product item.
Adding these details about the groups of risks coverage for your current item
unlocks a view, at the bottom of the form, in which you can see all the types
of risks covered by the Insurance Product that you are currently configuring.
You can explore the list of risks and if necessary, you can edit the risk types
from the Insurance Risks menu.
Click Save and reload and then click Documents. This window allows you to
add any relevant documents related to the product item. For each Document
that you upload, the following information must be provided:
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Field Description
Name
The name of your
document.
Display name
The display name of
your document.
Document type
From the option set,
choose between
Policy, Terms &
Conditions orIPID -
Insurance Product
Information
Document - which is
a type of document
presented during the
Quote&Apply flow.
Code
The code for your
document.
Included in offer template
Check the box if your
document must be
included in the
product offer
template.
Included in the policy template
Check the box if your
document must be
included in the policy
template.
Click Add File to upload your document.
Add as many base Product Items as you need for the current Insurance
Product. Use the Modules grid on every Product Item to set group risks, the
same way you did for the first base Product Item, if the case.
Once finished, click Save and close and navigate back to the Insurance
Product Items window. Here, you can use the Additional Clauses grid to add
Rider items for your insurance product.
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Under Additional Clauses, click Insert. The Insurance Product Item Rider
window opens. This form is similar to the form for the Base insurance
product items, the exception being the Item Type field - which is
automatically filled in by the system with the Rider option.
The following fields are available for configuring each Product Item Rider
that you create:
Field Description
Insurance Product
The Insurance Product to
which the current Product
Item is assigned to. This
information is automatically
filled in by the system.
Insurance Item Type
From the dropdown, select the
Type of the insurance product
item (ex. House/ Car). If you
need to add a new Item Type,
see "Insurance Types" on
page 36.
Name
Add the name of the insured
product item.
Is Mandatory
Check the box if the item is
mandatory. For example, a
mandatory house insurance as
part of a mortgage.
Item Type
Rider - It is automatically filled
in by the system.
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Field Description
Operation Type
Choose Sum to have this
product item included into the
calculation of the final
premium, for the current
product.
Supervisory Authority Risk Class
This is a dropdown with a list of
risk classes, as reported by
insurers to their local, regional or
national supervisory authority.
Choose a risk class that covers
your insurance product item.
Code The code of the product.
Waiting Period
The amount of time a
policyholder must wait before
the coverage for the current
item comes into effect. Insert
the number of time units for
the waiting period (until the
current coverage becomes
available on a policy).
Waiting Period Type
From the option set, choose
Days, Weeks or Months to
indicate the type of waiting
period.
Indemnity Limit
The monetary amount of the
coverage provided under the
insurance policy.
Indemnity Limit Currency
From the dropdown list, select
a currency for the indemnity
limit of your insurance product
item.
Indemnity Percentage
The percentage of indemnity
limit, set-up as percentage
from the total indemnity limit
of the current product.
Icon
Upload an icon for the product
item, if the case.
Commercial description
Text area for describing the
product item.
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INSURANCE PRODUCT FACTORY USER GUIDE
Click Save and Reload. Add as many Product Item Riders you need for your
Insurance Product. Use the Modules grid on every Product Item Riders to
set group risks, the same way you did for the Product Items, if the case.
PremiumAmount
This section allows you to use different formulas in order to calculate the
Premium Amount for each Item attached to your current Product. For more
information about creating your own formulas and examples of the logic
used for calculating premium amounts for insurance products, start from the
Business Formulas Integration page.
DocumentsManagement
This section allows you to manage the documents that are associated with
your product. For example:
l
terms and conditions for the current insurance product,
l
the mandatory general presentation of the product as requested by the
authorities,
l
mandatory clauses to be included in contracts based on different
criteria,
l
sample presentations that are to be used in the quote & apply journey
or for different customer personas, and more.
PRODUCT MANAGEMENT 28
INSURANCE PRODUCT FACTORY USER GUIDE
For each Document that you upload, the following information must be
provided:
Field Description
Name
The name of your
document.
Display name
The display name of
your document.
Document type
From the dropdown,
choose between
Policy, Terms &
Conditions orIPID -
Insurance Product
Information
Document - which is
a type of document
necessary for the
Quote&Apply
journeys.
Code
The Code for your
document.
Included in offer template
Check the box if the
document must be
included in offer
template.
Included in the policy template
Check the box if the
document must be
included in the policy
template.
Click Add File to upload your document and then click Save and reload to
continue your journey.
PRODUCT MANAGEMENT 29
INSURANCE PRODUCT FACTORY USER GUIDE
Underwriting
This section allows you to use different formulas for analyzing different risks
related to property insurance and produce a status or decision regarding the
policy - for example, establishing whether the proposed risks are insurable
for that particular property. You can also configure formulas for determining
whether the policy proceeds further with an automatic flow or if it needs to
go on a manual approval flow. For more information about creating your own
formulas and examples of the logic used for risk scoring and underwriting for
insurance products, start from the Business Formulas Integration page.
TestCalculations
This section allows you to test the Premium Amount and Underwriting
formulas and see the results you get with different Scenarios regarding your
Insurance Product. Using scenarios to test your formulas helps with fine-
tuning and improving the general performance of your product.
PRODUCT MANAGEMENT 30
INSURANCE PRODUCT FACTORY USER GUIDE
History
A history of the product allows you to understand how your product evolved
over time and decide on updating its course, eventually. You go to the
History tab when you need to have an overview over the product's life cycle,
inform yourself about previous product versions (approved or unapproved)
and also about any currently opened version in Draft status.
NOTE When a product is active, changing it may be done only by
creating a new version. For details, see "Product Life Cycle" on page 44.
NOTE When you finished filling in the data, you must activate your product from
the header option set. Product status determines if your insurance product is used
in digital journeys targeting potential customers. In order to make it available for
different digital journeys, the product should be in the Approved status. For details,
see "Product Life Cycle" on page 44.
CreatingaDraftInsuranceProduct
There are times when you need to create a draft product, rapidly. While the product is
in Draft business status, the form is still editable and you can complete the product
creation journey at a later time.
To create a draft product, please follow the next steps:
1. Open Innovation Studio.
2. At the top left corner, click the main menu icon to open the dropdown list.
3. From the list, click Insurance Product Factory. A second dropdown opens.
PRODUCT MANAGEMENT 31
INSURANCE PRODUCT FACTORY USER GUIDE
4. Click Insurance Products to open the Insurance Products List page.
5. To add a new record, click Insert, at the top right corner of the page.
6. The Insurance Product form opens. Start filling in the mandatory fields, in order to be
able to save the record as a Draft.
Mandatory fields:
Field Description
Insurance Type
From the dropdown, select an Insurance Type for your
insurance product - for example, Auto, Health, Home, or Travel.
See "Insurance Types" on page 36 for details.
Insurance Product Code Fill in the code of your insurance product.
Name Insert the name of your insurance product.
Currency
From the dropdown, select the currency for your insurance
product.
Write off
Set the tolerance threshold for writing off payments. More
details about Write off in the description of the Payments
Schedule & Billing configurations section.
Statement Generation
Configure the values to be used for automatic invoice
generation. More details about Statement Generation in the
description of the Payments Schedule & Billing configurations
section.
Below is an example of an Insurance Product form, with the mandatory fields
highlighted.
PRODUCT MANAGEMENT 32
INSURANCE PRODUCT FACTORY USER GUIDE
ModifyinganInsuranceProduct
NOTE When your Product is in Active status, changing it may be done only by
adding a new version. In this case, you must follow the details from the "Product
Life Cycle" on page 44 page.
Here are the details for modifying an Insurance Product that is in Draft status:
1. Open Innovation Studio.
2. At the top left corner, click the main menu icon to open the dropdown list.
3. From the list, click Insurance Product Factory. A second dropdown opens.
4. Click Insurance Products to open the Insurance Products List page.
5. From the list, select the Insurance Product that you want to edit and double-click it.
Once opened, use the form to edit your Product.
DeletinganInsuranceProduct
IMPORTANT! Pay attention to the fact that some policies might be including the
product that you want to delete.
To delete an Insurance Product from the grid, please follow the next steps:
1. Open Innovation Studio.
2. At the top left corner, click the main menu icon to open the dropdown list.
3. From the list, click Insurance Product Factory. A second dropdown opens.
4. Click Insurance Products to open the Insurance Products List page.
5. From the list, select the Insurance Product that you want to delete and then click
Delete, at the top right corner of the page.
PRODUCT MANAGEMENT 33
INSURANCE PRODUCT FACTORY USER GUIDE
InsuranceRisks
The Insurance Product Factory allows you to set up Insurance Risks independently
from Products , so that they can be used in conjunction with multiple "Insurance
Products" on page 13. An Insurance Risk - e.g. Earthquake, Car accident, Tornadoes,
Theft, Death, Disability - informs about the risk coverage of a particular insurance
product that you want to create. Insurance Risks can be used in conjunction with the
Business Decisions Processor to implement complex decision modeling for insurance
risk rules.
For example, the age of the building is a risk for a house insurance and this influences
the decision whether to insure it or not. If the building is older than 80 years then a
manual approval step might be needed. If the building is older than 100 years then
the application might be rejected.
From the business perspective, Insurance Risks also make it easier to gather data for
reporting & analysis.
CreatingRisks
In order to create an Insurance Risk, please follow the next steps:
1. Open Innovation Studio.
2.
At the top left corner, click the main menu icon to open the dropdown list.
3.
From the list, click Insurance Product Factory. A second dropdown opens.
PRODUCT MANAGEMENT 34
INSURANCE PRODUCT FACTORY USER GUIDE
4. Click Insurance Risks to open the Insurance Risks List page.
5. At the top right corner of the page, click Insert to add a new insurance risk. The
Insurance Risk form allows you to configure the insurance risk settings.
For each Risk that you create, the following information must be provided:
Field Description
Name
Add the name of the insurance risk.
Max Notify Period
Add the maximum period for notification of risk.
Event Count Limit
Add the number of events covered by the policy.
Implicit Reserve
Provide the amount of the prudential reserve to be
deposited for the current policy.
Implicit Reserve Currency Add the currency of the prudential reserve.
ModifyingRisks
In order to modify an Insurance Risk, please follow the next steps:
1. Open Innovation Studio.
2.
At the top left corner, click the main menu icon to open the dropdown list.
PRODUCT MANAGEMENT 35
INSURANCE PRODUCT FACTORY USER GUIDE
3.
From the list, click Insurance Product Factory. A second dropdown opens.
4. Click Insurance Risks to open the Insurance Risks List page.
5. From the list, choose the desired Risk and double-click it to open the Insurance Risk
form. Use the form to edit your Insurance Risk.
DeletingRisks
To delete an Insurance Risk from the grid, please follow the next steps:
1. Open Innovation Studio.
2.
At the top left corner, click the main menu icon to open the dropdown list.
3.
From the list, click Insurance Product Factory. A second dropdown opens.
4. Click Insurance Risks to open the Insurance Risks List page.
5.
From the list, select the Insurance Risk that you want to delete and then click
Delete, at the top right corner of the page.
InsuranceTypes
The Insurance Product Factory allows you to set up Insurance Types independently
from Products , so that they can be used in conjunction with multiple "Insurance
Products" on page 13. An Insurance Type is mandatory in order to further assembly
any kind of Insurance Product, as it informs about the main class of insurance product
that you want to create - e.g. Auto, Health, Home, Travel.
From the business perspective, Types also make it easier to gather data for reporting
& analysis.
CreatingTypes
In order to create an Insurance Type, please follow the next steps:
PRODUCT MANAGEMENT 36
INSURANCE PRODUCT FACTORY USER GUIDE
1. Open Innovation Studio.
2.
At the top left corner, click the main menu icon to open the dropdown list.
3.
From the list, click Insurance Product Factory. A second dropdown opens.
4. Click Insurance Types to open the Insurance Types List page.
5. At the top right corner of the page, click Insert to add a new Type. The Insurance Type
form allows you to configure the insurance type settings. Provide a name for the Type
that you create.
Here is a description of the Insurance Type form:
Field Description
Name The name of the insurance type.
Policy series
No longer needs to be completed - the series of the insurance
policy is presently configured through a sequencer.
PRODUCT MANAGEMENT 37
INSURANCE PRODUCT FACTORY USER GUIDE
Field Description
Policy no len
No longer needs to be completed - the number of digits of the
insurance policy number is presently configured through a
sequencer.
Barcode no len
Not used in the configuration process - the number of digits of
the insurance type's bar code number.
NOTE The Insurance Products grid at the bottom of the Insurance Type form
offers a view over all the Products associated with that particular Type. Inserting a
new entry into the grid creates a new Insurance Product with the Insurance Type
field pre-filled with the details from that specific Type. In some cases, this grid can
be used as a shortcut from the Type to the Product form driven flow since clicking
Insert on the Type grid moves the user to the first tab of the Product creation flow.
For details, see "Insurance Products" on page 13.
ModifyingTypes
In order to modify an Insurance Type, please follow the next steps:
1. Open Innovation Studio.
2.
At the top left corner, click the main menu icon to open the dropdown list.
3.
From the list, click Insurance Product Factory. A second dropdown opens.
4. Click Insurance Types to open the Insurance Types List page.
PRODUCT MANAGEMENT 38
INSURANCE PRODUCT FACTORY USER GUIDE
5. From the list, choose the desired Type and double-click it to open the Insurance Type
form. Use the form to edit your Type.
DeletingTypes
To delete an Insurance Type from the grid, please follow the next steps:
1. Open Innovation Studio.
2.
At the top left corner, click the main menu icon to open the dropdown list.
3.
From the list, click Insurance Product Factory. A second dropdown opens.
4. Click Insurance Types to open the Insurance Types List page.
5. From the list, tick the desired Insurance Type and then click Delete at the top right
corner of the page.
IMPORTANT! You can promptly modify or delete Insurance Types using the low-
code capabilities of Innovation Studio. However, take into account the Insurance
Products attached to a Type, especially before modifying that Type. You can create
an endless number of Types, even just slightly different from the previous Types, to
accommodate newly arrived business needs, such as a new Insurance Type for an
older but successful Insurance Product.
PRODUCT MANAGEMENT 39
INSURANCE PRODUCT FACTORY USER GUIDE
PolicyAlterationTypesforInsuranceTypes
There are times when you need to alter a policy - for example, if the policyholder
decides to pay through an online payment processor instead of direct debit, an
update of the payment type must be made on the policy. In Insurance Product
Factory, you use the Policy Alteration option to perform such updates.
In order to insert an Alteration Type, please follow the next steps:
1. Open Innovation Studio.
2.
At the top left corner, click the main menu icon to open the dropdown list.
3.
From the list, click Insurance Product Factory. A second dropdown opens.
4. Click Insurance Types to open the Insurance Types List page.
5. From the list, choose the desired Insurance Type and double-click it to open the
Insurance Type form.
6. Scroll down to the Alteration Type grid.
7. Use the form to Insert an Alteration Type for the policies belonging to that Insurance
Type.
PRODUCT MANAGEMENT 40
INSURANCE PRODUCT FACTORY USER GUIDE
8. Press Insert existing and choose an alteration from the list and click Ok. You can select
from the already configured options - Change frequency or Change payment type.
PRODUCT MANAGEMENT 41
INSURANCE PRODUCT FACTORY USER GUIDE
Configurations
Insurance Product Factory enables you to create highly personalized insurance
products for your target markets and maintain complex insurance product portfolios
effortlessly.
Check the following pages to find out more about how this solution works:
Premium Amount API - for details about getting the premium amount price for each
insurance product item.
Product Life Cycle - for details about the life cycle for insurance products.
Business Formula Integration - for details about the integration with FintechOS
business formula engine.
NOTE The Insurance Product Factory maintains the underlying data in a
consistent data model. Consequently, you have a reliable data model for your
insurance product portfolio that you can reference when you build your digital
journeys. This allows you to manage your product portfolio at will, without having to
re-code your digital journeys every time an insurance product is added, updated, or
retired.
BusinessFormulasIntegration
The Insurance Product Factory module integrates smoothly with the FintechOS
Business Formulas which enables you to create your own formulas for insurance.
Formulas can support various business needs and they are a mandatory prerequisite
for making your Insurance Product Factory work at its full capacity.
You input your financial and non-financial data and arguments into your Formulas
and, consequently, they help you with risk scoring - for example, to determine
whether a property is eligible for insurance or not. In addition, Formulas generate
CONFIGURATIONS 42
INSURANCE PRODUCT FACTORY USER GUIDE
accurate desired outputs - such as premium calculations split per insured items and
handle various calculation scenarios - for example, for when premiums are configured
differently for individual or group purchases.
NOTE FintechOSBusiness Formulas is supported by Innovation Studio v. 21.1.0
and newer.
Use Business Formulas to create all the necessary formulas for handling the premium
calculations for the specified Insurance Product Items and then use the Premium
Amount tab to attach them to the product items.
Similarly, use Business Formulas to create all the necessary formulas for handling the
risk scoring for your Insurance Product and then use the Underwriting tab to attach
them to the product.
The Insurance Product Factory solution also allows you to test your formulas based
on different scenarios that you can log onto the Test Scenarios page. Using scenarios
to test your formulas helps with fine-tuning and improving the general performance
of your Insurance Product.
HINT For more details about configuring formulas, see the Business Formulas
documentation and this Risk Scoring tutorial.
CONFIGURATIONS 43
INSURANCE PRODUCT FACTORY USER GUIDE
ProductLifeCycle
Insurance Product Factory is a solution that handles different types of changes
affecting an insurance product during its lifetime.
You can manage a product's life cycle by changing its status from the top left corner of
the screen.
The product status transitions are illustrated below:
CONFIGURATIONS 44
INSURANCE PRODUCT FACTORY USER GUIDE
StatesDescriptions
Status name Description
Draft
Initial state - for any insurance product issued into the system. The
products can be edited.
Approved Ongoing state - for live products. Products can't be edited.
Unapproved Next state for canceled draft products.
Closed
Final state. The current product is retired. The product cannot be moved
from this state to any other states.
Version Draft The selected product becomes editable.
Version
Unapproved
The updates on the product are not approved.
Version Closed The current draft version for a product is closed.
ProductStateTransitions
Transition Description
_Draft Initial state - for any insurance product issued into the system.
Draft_Approved
When a product goes from draft to live status. Live products can't
be edited.
Draft_Unapproved When the proposed product is canceled.
Approved_Closed When a live product is no longer active.
Approved_Version
Draft
When a new version is opened for a live product. The version is
editable.
Approved_Version
Closed
When the opened version is closed.
Version Draft_
Approved
When the opened version is appoved and becomes the new version
for the live product.
Version Draft_Version
Unapproved
When the opened version is not approved. The product continues
to be active without being modified.
Note that:
CONFIGURATIONS 45
INSURANCE PRODUCT FACTORY USER GUIDE
l
Once a product is live, its settings can no longer be modified.
l
If you want to update a live product, you must create a new product version.
l
When you create a new product version, the current version is retired.
l
Every product version starts in Draft status and must go through an approval process
before going live.
l
Only one version of a product can be live at one time.
l
Only one draft version can be opened at one time.
NOTE The Insurance Product Factory maintains the underlying data in a
consistent data model. Consequently, you have a reliable data model for your
insurance product portfolio that you can reference when you build your digital
journeys. This allows you to manage your product portfolio at will, without having to
re-code your digital journeys every time an insurance product is added, updated, or
retired.
GetPremiumAmountAPI
The FTOS_IP_PremiumAmountAPI endpoint is responsible for running the premium
amount Formulas attached to product items and getting the prices for each item.
GetPremiumAmountAPIExample
A user gets the price for a product item configured for an insurance product
of type Home.
1 varp={
2 "insuranceTypeName":"Home",
3 "productCode":"BA_EMB",
4 "insuranceProductItemDetails":[{
5 "code":"HHR0",
6 "calculationDetails":{
7 "risks":[{
CONFIGURATIONS 46
INSURANCE PRODUCT FACTORY USER GUIDE
8 "Risk":"Earthquake",
9 "Module":"M1",
10 "Price":0
11 },{
12 "Risk":"LandSlide",
13 "Module":"M1",
14 "Price":0
15 },{
16 "Risk":"Floods",
17 "Module":"M1",
18 "Price":0
19 },{
20 "Risk":"Windstorm",
21 "Module":"M1",
22 "Price":0
23 }],
24 "propertyInsuredAmount":100000,
25 "propertyConstructionYear":1980
26 }
27 },{
28 "code":"HA",
29 "calculationDetails":{
30 "buildingInsuredAmount":23.45,
31 "constructionYear":100
32 }
33 }]
34 };
35
36 ebs.callActionByNameAsync("FTOS_IP_PremiumAmountAPI",p)
37 .then(function(e){
38 console.log(e)
39 })
RequestDataParameters
Here is the list of data parameters included in the request:
Parameter Description
insuranceTypeName
The name of an Insurance Type configured in
the system and stored on the FTOS_IP_
InsuranceType entity.
productCode The code of the Insurance Product.
CONFIGURATIONS 47
INSURANCE PRODUCT FACTORY USER GUIDE
Parameter Description
insuranceProductItemDetails
Array with details related to the insured
Product Item. The array is used to identify and
run the formulas for the specific Item.
code The code of the Item.
calculationDetails
Object containing the keys needed to run the
formula. The object structure can be different
for each item, based on the formula
configuration.
Response
This is an example of a response:
1 {
2 "isSuccess":true,
3 "errorMessage":null,
4 "errorCode":null,
5 "result":[
6 {
7 "insuranceProductItemFormula":
"EmbededBankAssurancePremiumAmountFormula",
8 "formulaResult":{
9 "risks":[
10 {
11 "Risk":"Earthquake",
12 "Module":"M1",
13 "Price":0
14 },
15 {
16 "Risk":"LandSlide",
17 "Module":"M1",
18 "Price":0
19 },
20 {
21 "Risk":"Floods",
22 "Module":"M1",
23 "Price":0
24 },
25 {
26 "Risk":"Windstorm",
27 "Module":"M1",
28 "Price":0
29 }
CONFIGURATIONS 48
INSURANCE PRODUCT FACTORY USER GUIDE
30 ],
31 "propertyInsuredAmount":100000,
32 "propertyConstructionYear":1980,
33 "risksCalculatedPrices":[
34 {
35 "Risk":"Earthquake",
36 "Module":"M1",
37 "Price":0.0054
38 },
39 {
40 "Risk":"LandSlide",
41 "Module":"M1",
42 "Price":0.001
43 },
44 {
45 "Risk":"Floods",
46 "Module":"M1",
47 "Price":0.001
48 },
49 {
50 "Risk":"Windstorm",
51 "Module":"M1",
52 "Price":0.013
53 }
54 ],
55 "baseQuotation":0.0204,
56 "premiumAmount":20.4
57 }
58 },
59 {
60 "insuranceProductItemFormula":
"HomeAssistance",
61 "formulaResult":{
62 "buildingInsuredAmount":23.45,
63 "constructionYear":100,
64 "coefHomeAssistancePrice":0.001,
65 "premiumAmount":0.0002345
66 }
67 }
68 ]
69 }
Response description:
CONFIGURATIONS 49
INSURANCE PRODUCT FACTORY USER GUIDE
Key Description
Error code Error code.
Error message Error message.
isSuccess
Marks whether the request was successful or
not.
result
Array of objects containing details about the
prices.
insuranceProductItemFormula
Name of the FTOS_IP_
InsuranceProductItemFormula record,
containing the Formula attached to the Item.
formulaResult The result returned by the Formula.
ErrorMessages
The following are the error messages that can be encountered while calling
the Premium Amount API:
Code Text Description
ERR.IP.01
ERR.IP.01 - Invalid
request!
Missing parameters.
ERR.IP.02
ERR.IP.02 - No
product identified!
Your insurance product might be in Draft
status. Activate your product.
ERR.IP.03
ERR.IP.03 - Product
doesn't have any
product items
configured!
There are no product items to calculate
premiums for. Configure at least one
product item for your insurance product.
ERR.IP.04
ERR.IP.04 - Invalid
insurance item code!
Invalid product item code.
Endpoints
The FTOS_IP_PremiumAmountAPI endpoint calculates the premium amount
for the items included in a product configuration. The endpoint runs the
formulas assigned to each item, simulating the Test Scenario functionality
available on the product level.
ServerSideScriptLibraries
CONFIGURATIONS 50
INSURANCE PRODUCT FACTORY USER GUIDE
From the FTOS_IP_InsuranceProductAPIs library, the following functions are
used for getting the price for the items:
validateRequest()
This function validates the request fields.
Input parameters: inputData - The object containing the keys
needed to call the endpoint.
Output parameters: An object containing the following keys to
describe the result of the validation:
l
isSuccess - true/ false - The boolean that shows whether
the validation is successful.
l
errorMessage - A null value or an error message as
described in the error messages list.
l
errorCode - A null value or an error code as described in the
error messages list.
l
result = An empty array [] or an array with details about the
price, as described in the response description section.
calculatePremium()
This function runs the formulas attached to the specified items -
identified by the code provided in the request. The function uses
other helper functions, implemented in the same library, to get the
product details, the list of items, and the formulas attached to the
specified items. The calculatePremium() function is called inside
the endpoint only if the isSuccess key from the response of the
validateRequest function is true.
Input parameters: inputData - The object containing the keys
needed to call the endpoint.
Output parameters: An array containing objects with 2 keys:
CONFIGURATIONS 51
INSURANCE PRODUCT FACTORY USER GUIDE
l
insuranceProductItemFormula - The name of the
formula used to calculate the price for the item.
l
formulaResult - The actual result returned when calling the
formula.
CONFIGURATIONS 52
INSURANCE PRODUCT FACTORY USER GUIDE
Glossary
Please check the FintechOS Getting Started Glossary!
GLOSSARY 53
INSURANCE PRODUCT FACTORY USER GUIDE