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Set Up Digital Insurance Context and Pricing
Insurance pricing, also called rating, turns product selections, risk attributes, and customer data into traceable premiums.
Required Editions
| Available in: Lightning Experience |
| Available in: Developer, Enterprise, Professional, and Unlimited Editions of Industries clouds where Context Service is enabled |
Using a visual, no-code framework, Digital Insurance makes it possible to:
- Turn product attributes into rating factors using Decision tables
- Build reusable pricing procedures by using formulas, conditions, and aggregations
- Connect pricing logic to live quoting data using orchestration tools
- Simulate, test, and refine pricing without writing code
Pricing calculations are powered by customer data and other context managed by the Context Service.
The platform can perform accurate price configurations based on customer data, including sales history, actions taken with the company, and payment records.
- Set Up the Context Service for Digital Insurance
Simplify the sharing and consumption of business application data using Context Service. Acting as a generic module, Context Service forms a layer between applications and procedures, enabling easy retrieval and use of data across various industry clouds at every step of the process. - Add Price Book Entries for Digital Insurance Products
Add your products to a price book. - Create Product Selling Model Options
To define how you sell products, create product selling model options at the product level. - Set Price Impacting Attributes for Digital Insurance Products
To simplify the quoting process, choose which attributes affect the prices of your products. - Create Decision Tables for Digital Insurance
To define Insurance pricing data and strategies, create decision tables. - Set the Pricing Recipe for Digital Insurance
To create and manage detailed pricing strategies, set the pricing recipe. - Modify the Price Adjustment Matrix
To account for different products, different territories, and other factors, modify your price adjustment matrix. Use this information to set discounts and other price adjustments. - Define the Pricing Procedure
Pricing procedures use preconfigured pricing policies to calculate discounts and the final net price for your products. To perform pricing calculations, you must add pricing elements and call the appropriate lookup tables. - Set Up Salesforce Pricing
Before you use Salesforce Pricing, create your basic pricing data by setting up a default pricing recipe and pricing procedure, and sync pricing data. To gain insights into the pricing calculations performed, enable price waterfall.
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