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Essential Business Overview
The General Liability line of business gives you a fully functional example of the Essential Business product model, rating procedure, and business processes for quoting.
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
The product model and the rating procedure that calculate prices for Essential Business products at runtime underpin all the business processes in this line of business:
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Product Model: Essential Business
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Rating Procedure: Rating_EssentialBusiness
The product model provides the structure for the data JSON that moves through the business processes. The Essential Business product model is 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 Essential Business 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 Essential Business Rating.
Business Processes
This process guides prospective customers (and agents and brokers helping those prospects) to get a rated quote for a commercial product:
What's Next
Now that you've got a high-level intro to the General Liability line of business, look at the General Liability Product Model
- Essential Business Product Model
To understand how the Commercial Business application works, you need to figure out how it's built. Read on to understand the Essential Business product model. - Essential Business Rating
When we quote and endorse the Commercial 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:
