Predefined Insurance Products
When making a quote offer and generating a policy to a customer, you can benefit from a faster time to market by using our sample insurance products that come along with the accelerators. You can also use the sample insurance products to test them out in digital journeys before modifying and transforming them into your very own products, ready to be launched on the market.
The SME Commercial Combined Quote and Buy journey comes with the pre-configured, ready to use insurance product, SME Flexicover. Use SME Flexicover as it is pre-configured, if you find it fills your business needs, or use it as starting points for your custom products to define tailored offerings for your customers.
The SME Flexicover insurance product is a personalized business cover, aimed at small and medium enterprises. At a high level, any business can be covered if they have fewer that 250 employees and turnover less than £50 million, subject to their industry sector and the selected individual cover and limit combinations.
The customer can receive coverage for one or more of the following assets and liabilities: buildings, business interruption, contents, electronic equipment, employer, products and public liabilities, as well as stocks. Optionally, they can choose to have commercial legal protection, cyber protection, cover for floods and terrorism.
Each of the coverages has a premium amount assigned, that is calculated using a pre-defined formula. Learn about the formulas used to calculate the premiums for each coverage by accessing the Configure the Q&B Formulas page.
The SME Flexicover contract has a monthly prorata. The customer receives the premium invoice 10 days before its due date. The contract has a free withdrawal period of 14 days, the tariff type is set per coverage, and the underwriting type is set per product. These configurations are done using Insurance Product Factory, and you can customize them according to your business needs.
The SME Flexicover contract cannot be renewed after its expiry date.