You are here:
Business Owners Policy Overview
The Business Owners line of business gives you a fully functional example of Economy Business, and Superior Business product models, rating procedures, and business processes for quoting and issuing policies.
You can use this application for reference or as a base to develop your own product models and business processes.
Product Models and Rating Procedures
These product models and the rating procedures that calculate prices for Business Owners products at runtime underpin all the business processes in this line of business:
-
Product Model: Economy Business
Rating Procedure: BusinessOwnersPolicy
-
Product Model: Superior Business
Rating Procedure: BusinessOwnersPolicy
The product model provides the structure for the data JSON that moves through the business processes. Both the Economy and Superior product models are single-instance, which means that we intend customers to insure only one business per policy. All coverages have been designed to be configured at the policy level.
To learn more about these product models, see Business Owners Product Model.
The rating procedures take information from the prospective customer (that becomes attribute values in the data JSON) during quoting business processes. The procedures calculate the prices for coverages, then the product model rating simulation rolls up those prices and calculates the total premium.
To learn more about these rating procedures, see Business Owners Rating.
Business Processes
These processes guide prospective customers (and agents and brokers helping those prospects) to get a rated quote for a business product, to issue a policy for that quote, and to cancel a policy:
These processes guide prospective customers (and agents and brokers helping those prospects) to get a rated quote for a business product, to issue a policy for that quote, and to cancel a policy.
The Business Owners Quote business process includes several sub-processes that help make it work and add functionality, such as the ability to email quote documents to a prospect.
What's Next
Now that you've got a high-level intro to Business Owners Policy, take a look at the Business Owners Product Model.
- Business Owners Product Model
To understand how the Business Owners' application works, you need to figure out how it's built. Read on to understand the Business Owners' product model. - Business Owners Rating
When we quote and endorse the Business Owners Policy products, our pricing services use the product model data, product rating procedure, and pricing formulas. The services use these components to price the coverages. The services do the following: - Business Owners Quote Business Process
We've created a quote business process for Business Owners for you to examine, use as examples, and extend to create your own business processes for business insurance in Vlocity.
