Policy Management in Insurance Brokerage

Rate plans, define benefit eligibility, set up contribution plans, and manage plan benefits.

• Product Modeling
  Policies, coverages, and benefits are modeled as products by using specific record types, such as root product, coverage specification, and benefit specification. During product modeling, you create a hierarchical model where coverages are nested under policies and benefits are nested under coverages. During modeling, all of these entities are modeled as products.
• Insurance Policy Lightning Web Component for Brokerage
  The Insurance Policy Lightning web component (LWC) gives insurance brokerage users quick access to important policy information directly on the Insurance Policy record.
• Insurance Benefits Eligibility Definitions
  Create Insurance Benefits Eligibility definitions at the account level to use them on Insurance Policy or Insurance Policy Coverage records with or without group classes. To define eligibility of employee groups for a coverage or policy, use eligibility definitions and group classes on that specific coverage or policy.
• Insurance Rate Plan
  Rate plans represent the cost of the insurance policy for the client and are typically described in terms of premium or fees. However, in some scenarios, they are described in terms of fully insured equivalent premium.
• Insurance Contribution Plan
  The insurance contribution plan for an insurance policy defines the contribution amount by an employee and employer for the insurance coverage. Contribution amounts differ depending on the tier that the plan belongs to. The contribution line items represent information about each contribution that an employee makes towards their insurance.
• Plan Benefits Information
  Configure plan benefit information such as medical, vision, life, and disability. Track corresponding plan benefit information on insurance policies such as limits, deductibles, copays, and coinsurance for accurate tracking of client plan information.