Insurance Types

An Insurance Type - for example Auto, Health, Home, or Travel, informs about the type of insurance product that you want to create. The Insurance Product Factory allows you to define Types independently from Products, so that they can be used in conjunction with multiple insurance products. From the business perspective, Types also make it easier to gather data for reporting & analysis.

NOTE  
In order to create an Insurance Product, at least one Insurance Type must be defined!

Insurance Types View

In Innovation Studio, in the Insurance Types section, you have an overview of all the types registered in your system - your nomenclature of Insurance Types. This is an all-inclusive view; yet, you can also use the Search by name option in order to find a certain type record.

Below, you can see an example of an Insurance Types List:

Insurance Types List

Follow these steps to view your Insurance Types:

  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 Types to go to the Insurance Types List.

On the Insurance Types List page:

  • To inspect a record from the grid, double-click it.

  • To add a new record, click Insert, at the top right corner of the page.

  • To edit a record from the grid, double-click it and make your updates. Next, click Save and close.

  • To delete a record from the grid, select it and click Delete, at the top right corner of the page.

HINT  
You can export one or more records by pressing Export, at the top right corner of your screen.

Insurance Type Insert Form

The following fields are available for configuring an Insurance Type:

This is the header section and it contains the following fields:

Field Description
Name Insert the name of the insurance type.
Policy series Leave blank - the series of the insurance policy is presently configured through a sequencer.
Policy no len Leave blank - the number of digits of the insurance policy number is presently configured through a sequencer.
Barcode no len Leave blank.

Below, an example of the form's header section:

Insert Insurance Type - header section

This is the middle section - inside this grid you can see all the products associated with that particular insurance type.

Below, an example of the form's middle section - the example Type being included in two insurance products:

Attached Insurance Products

NOTE  
By clicking Insert on the grid, you can create a new product, pre-filled with details from that specific Insurance Type.

This is the bottom section - inside this grid you can see all the Alteration Types associated with that particular insurance type. The available policy alteration options are: Change frequency, Change payment type, or Update coverage.

Below, an example of the form's bottom section:

Policy Alteration Type Section

For more details, scroll down to the Attaching Policy Alteration Types section.

Insurance Types Operations

The Insurance Type functionality allows for the following operations:

In order to create an Insurance Type, follow the steps below:

  1. On the Insurance Types List page, click Insert, at the top right corner of the page. The Insurance Type form opens.

  2. Provide a Name for the type that you create.

  3. Click Save and close.

  4. Repeat the steps above for each type that you need to configure.

In order to modify an Insurance Type, please follow the next steps:

  1. Open the Insurance Types List page.
  2. From the list, choose the desired Insurance Type record and double-click to open the record. Use the form to make your adjustments.
  3. Click Save and close, at the top right corner of your screen.
IMPORTANT!  
Before modifying a certain type, take into account the insurance products already attached to that type.

To delete an Insurance Type from the grid, please follow the next steps:

  1. Open the Insurance Types List page.

  2. From the list, select the Insurance Type record that you want to delete and then click Delete, at the top right corner of the page.

IMPORTANT!  
Before deleting a certain type, take into account the insurance products already attached to that type.

There are times when you need to alter a policy - for example, if the policyholder decides to pay through an online payment processor instead of direct debit, an update of the payment type must be made on the policy. In Insurance Product Factory, you use the Policy Alteration option to indicate that these kind of alterations (updates) are allowed on the policies belonging to a particular insurance type.

In order to attach an Alteration Type to an Insurance Type, please follow the next steps:

  1. On the Insurance Types List page, choose the desired Insurance Type and double-click it to open the Insurance Type form.

  2. Scroll down to the Alteration Type grid.

    Below, an example of the grid, with no Policy Alteration Type attached:

    Insert Policy Alteration Type

  3. Press Insert existing. Next, choose an alteration from the list and click Ok. You can select from the available options: Change frequency, Change payment type, or Update coverage.

    Below, the dropdown list containing the alteration types:

    Policy Alteration Types list

  4. Click Save and close.