Product Life Cycle

The Insurance Product Factory solution handles different types of changes affecting an insurance product during its lifetime. This is accomplished by transitioning the product through different business states (from Draft to Closed) and also by versioning it. The solution also logs these product life cycle details in the product history tab, for further analytical use.

Product versioning helps you to stay relevant for your customers. It helps you to differentiate the product sold at any point in time. Additionally, it facilitates performance analysis: you can easily compare premiums and claims, and determine if that particular product version is profitable.

Product versioning is performed by using the FintechOS FTOS_INS_VersioningWorkflow. This is a master business workflow, used to add the versioning functionality on any desired entity - including the entities used by the insurance solutions.

Below, an example of the FTOS_INS_VersioningWorkflow business workflow used by the Insurance Product Factory solution, as it is displayed on Innovation Studio:

FTOS_INS_VersioningWorkflow

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

  • Every product (or product version) starts in Draft status, goes through a refinement process - that concludes with an approval step, before going live.
  • Once a product is live, its settings can no longer be modified.
  • If you want to update an Active product, you must create a new product version. After editing, you must manually approve the new product version; use the status picker to pick the Approved status. For more details, see the Versioning Insurance Products section, on the Managing Insurance Products page.
  • When you create a new product version, the current version is retired.
  • Products in Closed status cannot be edited (versioned) - by you or the system.
  • Only one version of a product can be live at one time.

  • The system also can automatically adjust a product, based on product data received through a Data Import Template. All adjustments are automatically integrated into a new Version Draft of the product (that must be manually approved), and logged into the product history. For more details, see the Importing Insurance Products page.

  • Only one Draft Version can be active at one time. Close any current draft version, before opening another one.

States Descriptions

Status name Description
Draft Initial state for any insurance product registered in the system. The draft products can be edited.
Unapproved When a draft product is canceled.
Approved Ongoing state - for live products. Products can't be edited.
Closed Final state. The product is retired. The product cannot be moved from this state to any other states.
Version Draft When the selected product becomes editable.
Version Unapproved When the updates on the product are not approved.
Version Closed When the product's draft version 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 approved and becomes the new version for the selected product.
Version Draft_Version Unapproved When the opened version is not approved. The product goes live without being modified.

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

    Versioning flow

HINT  For details about the versioning steps, go to the Managing Insurance Products page > Product Operations chapter > Versioning Insurance Products section.