Product Factory Configurations
This section details the default main product configurations according to the Product Factory layout. Make your choices and approve them.
Adding Your Version
When your product is already in active status - namely Approved, changing it may be done only by adding a new version. So, you are going to use the product versioning functionality to add those choices to your product.
Follow the details below for versioning your Pet Insurance product:
- In FintechOS Studio, navigate down the main menu to Product Factory.
Click Insurance Products to open the Insurance Products List page.
From the list, select Pet Insurance 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. When in Version Draft status, your product is editable.
Use the available form to edit your product. (See details in the Adding Your Product Choices section, below.)
Once finished, go at the top left corner of the screen and use the Change Status option set to change the status of the version from Version Draft to Approved. 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.
Adding Your Product Choices
The fields that need your attention are highlighted with the "*" sign.
|Insurance Product Code
|*Set the currency.
|*02/12/2021 OR Change the stored value.
|*31/12/2029 OR Change the stored value.
|Use Formula Engine
|*Check in order to have the Formula Engine available.
|*Check to allow Automatic InForce.
|*Set the maximum percentage of the commercial discount which can be offered in the sales process for your product. This field allows numeric values.
|*Set the maximum percentage of the commission which can be offered to intermediary sellers. This field allows numeric values.
|*Give some details (500 characters) about the pet insurance product.
|*Give some details (300 characters) about the prescribing terms for a pet policy.
After inserting the required information, move to the next section of the tab.
In this section, describe your product configurations concerning policy coverage, policy administration, the scheduling of payments and billing, and the management of claims.
The following fields are available for configuring Policy Coverage:
|*Set the grace period for a policy. Input the number of time units for the grace period.
|Grace Period Type
|*From the option set, choose Days or Months to indicate the type of grace period.
|Total Indemnity Limit
|*Set the maximum coverage amount provided per insurance policy.
The following fields are available for configuring Policy Administration:
|Free Withdrawal Period Limit
|*Set the Free Withdrawal Period Limit - necessary for Cancellation processes.
|*Check the box if you allow renewal for policies including this insurance product.
|*Choose the type of the insurance policy renewal. The option set values are: No (default), Automatic renewal, and Renewal offers.
|*Choose if you allow suspension settings on your insurance product. The option set values are: No (default) and Yes.
|Type of Suspension
|*If Yes, select what type of suspension you allow for policies incorporating your product. The option set values are: Generic and Specific. Choose Specific if you want your particular settings to be included into any suspension flow for that product. Choose Generic if you allow general suspension settings for your product, managed through the Policy Admin module.
|Days Before Suspended
|*Set the number of days before a policy enters the suspension flow.
|Premium Update due to Suspension
|*Choose if you allow premium updates on the suspended policies. The option set values are: No and Monthly.
|Max. no of consecutive suspended months before lapsing
|*Set the maximum number of consecutive suspended months before a policy is moved to the lapsing flow.
|Prorata Type Configuration
|*Set the proportion rate type for premium payments. The option set values are:
- Generic if you allow the generic setting to be used for automatic allocation.
- Specific if you want to set a specific rate for automatic allocation. When you choose this option, the Prorata Type option set becomes available and you can choose between its values: Daily or Monthly.
|Payment Period Grace (days)
|*Insert the number of days for the payment grace period.
|*Set the tolerance threshold for writing off payments that fall shorter than the expected agreed installment amount (for example 74.5$ instead of 75$). The option set values are: No write-off, Generic, and Specific Write Off.
NoWriteOff - if no rule for writing off is going to be applied for your product.
GenericWriteOff - if you allow the generic write-off settings to be used.
SpecificWriteOff - if you want to set the value for this parameter yourself. When you choose the Specific Write-Off option, a Json pop-up appears and you can add your own key-value pairs, per different currencies. Set the desired values for this parameter. Your inserts are automatically saved.
*Configure the values to be used for automatic invoice generation. The option set values are: Generic, Specific SGDAY and Specific Day.
* SGDAY translates to Statement Generation Day - This parameter stores the number of days in advance (before the payment due date), for automatically generating an invoice for a scheduled payment (installment) on a policy.
Further, the following fields are available for configuring the Claims Management:
|Claim Prescribing Period (months)
|*If the case, set the period of prescription for a claim, expressed in months.
|Claim Notification Period Limit (hours)
|*If the case, set the period during which the claimant can notify the damage produced - in order to open a claim on a policy that contains this insurance product, expressed in hours.
When you finished filling in the data, activate your version of the product. Go at the top left corner of the screen and use the Change Status option set to change the status of the version from Version Draft to Approved.
For more details about configuring and managing insurance products, consult also the Insurance Product Factory documentation.