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:
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| Approved_Closed | When a live product is no longer active.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:
- Once a product is live, its settings can no longer be modified.
- If you want to update a live product, you must create a new product version.
- When you create a new product version, the current version is retired.
- Every product version starts in Draft status and must go through an approval process before going live.
- Only one version of a product can be live at one time.
- 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.