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. 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:

  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.
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.

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.
    Insurance Types List
  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.

    Insurance Types List

  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.

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.
    Policy Alteration Type Grid
  7. Use the form to Insert an Alteration Type for the policies belonging to that Insurance Type.
  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.