Solution Configurations

The Insurance Product Factory solution enables you to create, adjust and maintain Insurance Products. Check the following pages to find out more about how this solution works:

• Insurance Product Factory Endpoints and API History

• Insurance Product General Operations

• Cloning Insurance Products

• Importing Insurance Products

• Configuring Payment Types

• Configuring Insured Object Types

• Configuring Lines Of Business

• Insurance Formulas

• Insurance Product Factory Digital Assets

Configuration FAQs

• Insurance product configuration starts by adding a new record into FTOS_IP_InsuranceProduct entity, with general details about the product: name, code, settings influencing other flows' behavior on Policy Admin or Billing solutions.

• The coverages and the modules are saved in the same entity - that is the FTOS_IP_InsuranceProductItem entity, a coverage being always a parent of a module. For that reason:
  

  • A coverage is always linked to a product by insuranceProductId lookup.
    

  • A module doesn't have the insuranceProductId lookup filled in, but instead it has the itemParentId lookup filled in with one of the existing "parent" coverages.

• The FTOS_IP_InsuranceRisk entity stores the general peril nomenclature table. But, since a peril can have a different configuration in the context of a certain product (like different limits), you must also use the FTOS_IP_CoveredRisk to create specific insurable perils, out of the general ones.

• A covered peril can be associated on multiple modules, and a module can have multiple covered perils. The FTOS_IP_InsuranceCoveredRisk entity is used to create the necessary links between them.

• In order to calculate the premium or get an underwriting score result, formulas can be associated to a product, or each coverage of a product. Pay attention to the fact that only one formula can be attached to a product, or coverage.

• For underwriting rules, the context type attribute is required, since underwriting rules can be divided in different categories, defined in FTOS_IP_UnderwrittingContextType. Pay attention to the fact that only one formula for underwriting can be associated on a product, or coverage, on a specific context.