Creating Insurance Products

Create A New Insurance Product

To create an insurance product by using the Insurance Product Factory wizard, in Innovation Studio, follow the steps below:

  1. In Innovation Studio, at the top left corner of your screen, click the main menu icon to open the main dropdown list.

  2. From this main list, click Insurance Product Factory. A second panel opens, to the left.

  3. Next, click Insurance Products to go to the Insurance Products List.

  4. On the Insurance Products List page, click Insert, at the top right corner of the page, to add a new record. The Insurance Product dynamic form opens.

  5. Use the available product configurations tabs listed below, for creating your product:

Below, you can see the product creation wizard, for an example property Product, in Draft status:

Product wizard

Before Adding Your First Product

  • The dynamic form allows you to create your desired product and configure the product settings.

  • To complete the creation journey for any product, you go through all the tabs listed above.

  • Filling in information in the first tab activates the next tabs and lets you move forward.

  • Having at least one Insurance Product Type defined and one Insured Object Type approved, helps you move faster through the creation journey. However, you also have the option to insert these details when configuring the product, instead of picking them from a list of existing items.

  • The wizard displays different product configuration options, based on what you establish as product behavior when filling in information in the first tab.

  • If you need to interrupt your journey, you can use the Save and close button to save your product as Draft. While the product is in Draft business status, the form is still editable, and you can complete the journey at a later time.

  • Keep the product in Draft status until you are confident the design is finished. A Draft product is always editable. So, you can come back to edit it, as many times as needed.

  • Once a product is in Approved business status, it cannot be edited the same way the Drafts products can be. For editing an Approved product, you must create a new version of it. For that, you use the versioning (+) button, at the top right corner of the page. For more details, go to the Versioning Products section, on Product Operations page. After adding a new version to your product, you must manually approve it.

  • After you finished configuring it, you must activate your product by using the status picker, at the top left corner of your product screen.
    Below, an example of the status picker:

    Status picker

Product status determines if your insurance product is used in digital journeys targeting potential customers. In order to make it available to different digital journeys, the product should be in the Approved status. For more details, see the Product Life Cycle page.