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Create a Root Product Spec from Scratch
When you create a root product spec from scratch, you start with a blank slate instead of creating a product model based on a product class or cloning an existing root product spec.
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Add Child Specs to a Root Product
After you create a root product spec, you can add child specs to it. Child specs include Coverages, Insured Items, Insured Parties, and Rating Facts.
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After you add coverages to a root product spec, you can configure them as child coverages, modify their attributes, make them optional, add rules to optional coverages, and re-order them in the UI.
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Add Eligibility and Underwriting Rules
Vlocity Insurance uses eligibility rules to filter a root product in or out of quotes at runtime. Underwriting (workflow) rules determine when a runtime quote for a root product can be automatically issued as a policy, when it must be sent to underwriting, and when a policy issue is automatically declined.
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Add Attributes Directly to a Root Product Spec
You can add and configure attributes that apply to the whole root product spec, as opposed to attributes that apply to child specs.
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Add Taxes and Fees to the Root Product Spec
To apply taxes and fees to insurance product premiums, you can attach them to root products.
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Map Provider Networks to Coverage Specs
You can add existing provider networks to root plan (product) specs. Based on how you configure the coverage specs on the root plan spec, you can map each provider network to specific coverage specs.
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Set Up the Product Rating Simulator
To set up a product rating simulator, complete an analysis, set up a rating procedure, and then map the rating procedure to the product model.
- Create the Root Product Spec and Add Details
Create a new root product spec and add details to it. - Add Child Specs to a Root Product
After you create a root product spec, you can add child specs to it. Child specs include Coverages, Insured Items, Insured Parties, and Rating Facts. - Configure Coverages
After you add coverages to a root product spec, you can configure them as child coverages, modify their attributes, make them optional, add rules to optional coverages, and re-order them in the UI. - Modify Attributes on Insured Items and Insured Parties
You can change the configuration of any attribute in an insured item or insured party on a root product spec. Your changes to an insured item or party on a root product override the inherited configuration from the insured item spec. - Modify Attributes on Rating Facts
You can make some changes to attributes in rating facts on a root product spec. - Add Eligibility and Underwriting Rules
Vlocity Insurance uses eligibility rules to filter a root product in or out of quotes at runtime. Underwriting (workflow) rules determine when a runtime quote for a root product can be automatically issued as a policy, when it must be sent to underwriting, and when a policy issue is automatically declined. - Add Attributes Directly to a Root Product Spec
You can add and configure attributes that apply to the whole root product spec, as opposed to attributes that apply to child specs. - Add Taxes and Fees to the Root Product Spec
To apply taxes and fees to insurance product premiums, you can attach them to root products. - Configure Networks on a Root Plan Spec
You can add existing provider networks to root plan (product) specs. Based on how you've configured the coverage specs on the root plan spec, you can map each provider network to specific coverage specs. - Add a Price Book Entry
After you create a product, add it to a price book. - Set Up the Product Rating Simulator
To set up a product rating simulator, complete an analysis, set up a rating procedure, and then map the rating procedure to the product model.
