Product Life Cycle

The following are the behaviors - characteristic to any product, managed by this solution:

• Every product (or product version) starts in Draft status and must go through an approval process before going live.
• 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.
• Only one version of a product can be live at one time.
• Only one draft version can be active at one time. If the case, you must close the current draft version and then, open another one.

States Descriptions

Product State Transitions

The product status transitions are illustrated below:

To access the Insurance Product Factory versioning business workflow in Innovation Studio, take the following steps:

1. In Innovation Studio, navigate down the main menu to Automation Blocks.

2. Click Automation Blocks and next, click Business Workflows, to open the Business Workflows Menu, on the left.

3. Click Business Workflows Designer to open the Business Workflows List page.

4. From the list, select and double-click the FTOS_INS_VersioningWorkflow record to inspect the business workflow attached to the Insurance Product entity.

   When the form opens, you can see the main information about the workflow, its statuses and transitions.

   Below is an example of the business workflow details, as they are displayed in Innovation Studio:

   

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.
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:

Below is an example of an Insurance Product form, with the mandatory fields highlighted:

To create a clone product, please see the next section.

Here are the details for cloning an insurance product:

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 clone and double-click it. Once opened, go to the top right corner of the screen, and press the Clone button to launch the cloning.
   Below is an example of how the button looks like, in Innovation Studio:
   
6. Next, the cloning pop-up opens. Use it to fill in a Name and an Insurance Product Code for the new product. After cloning, the product view opens and you can edit your new product.

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.

Here are the details for versioning an insurance product:

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 version and double-click it. Once opened, go to the top right corner of the screen, and press the Plus button to add a new version of the product.
6. Use the form to edit your Product.
7. Once finished, change the status of the version from Version Draft to Approved, at the top left corner of the screen.
   Below is an example of changing the product status, by using the status picker.

   

8. After versioning, the product view opens and you can see your adjustments. You can also check the versioning log in the product's History tab.

To delete an Insurance Product record 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 record that you want to delete and then click Delete, at the top right corner of the page.

This functionality lets you add product data on a destination environment by using the FintechOSData Import Templates. The most important use case for this functionality is a fast bulk import into the system of numerous new insurance products - with all imported products being registered in Draft status. But this is not the only use case. For more details, consult the Importing Insurance Products page.

Here are the details for importing Product Data by using the available Data Import Templates configured for the Insurance Product Factory solution:

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 Evolutive Data Core. A second dropdown opens.
4. Click Data Import Templates to open the Data Import Templates List page.
   
   
5. From the list, select the Data Import Template that you want to update and double-click it. Once opened, scroll down to the List Of Data Imports section, and press Insert to upload your file. After import, you can see the new import added in the list and you also check the versioning log in the product's History tab.