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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.
The Commercial line of business offers this business product that lets you insure people as well as products:
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Essential Business
The product model is like the blueprint of the application. The product model underpins all the business processes. To learn about the components of product models in Vlocity Insurance, see the Insurance and Health Product Models.
Insured Items
The top-level insured items for the Essential Business product model are:
Name |
Product Code |
Product Type |
Description |
|---|---|---|---|
smallBusiness |
smallBusiness |
Insured Item Spec |
This item contains all the attributes from the Small Business attribute category. |
BusinessOwner |
BusOwner |
Insured Party Spec |
This item contains all the attributes from the Business Owner attribute category. |
InsuredBusiness |
InsuredBus |
Insured Item Spec |
This item contains attributes from the Small Business attribute category. |
BusinessLocation |
BusLocation |
Insured Item Spec |
This item contains attributes from the Small Business and Property Location attribute category. |
Values for these attributes are collected from the customer when they're shopping for insurance. Vlocity Insurance uses many of these attributes to rate the Essential Business product.
Many of these attributes correspond to user inputs in the quote OmniScript and quote UI.
Coverages
A coverage spec you create and attach to a product becomes a coverage that your users interact with in quote and policy purchase flows. They define the required and optional coverages on an insurance product.
The product model contains the following coverage specs:
Coverage Spec Name |
Product Code |
Required or Optional |
|---|---|---|
Business Property |
bop-BP |
Required |
General Liability |
bop-GL |
Required |
Tenants Liability |
bop-TL |
Required |
Accounts Receivable |
bop-AR |
Optional for Economy Business and Superior Business Required for Essential Business |
Rental Cars |
bop-RentCar |
Optional |
Employee Fraud |
bop-EF |
Optional for Economy Business and Superior Business Required for Essential Business |
Electronic Media |
bop-EM |
Optional |
Employee Auto Liability |
bop-EmpAuto |
Optional |
Valuable Papers |
bop-VP |
Optional |
Signage |
bop-Signage |
Optional |
Your users interact with coverages in quote and policy flows so it's important that you create them wisely. To learn more about coverage specs, see Child Specs for Root Products.
Root Products
The root product spec is the container for the Essential Business product models. The system uses the data stored in this product model in downstream business processes, including quoting, issuing policies, and adjudicating claims.
The root products contain a number of coverages, all of which are associated with the root product. This structure makes the Essential Business product a single instance product model. This means that whenever a quote is rated out for this product, if multiple businesses are included, each has the same level of coverage.
But with this structure, we're expecting that our customers insure only one business per policy. Within the product, you can customize your quotes by adding different coverages and modifying their respective deductibles.
To learn about how to set up root product specs, see Root Product Specs.
Attributes
Some product attributes are mapped to rating inputs. Attribute data is collected during a business process like quoting and passed on to product services to calculate prices.
All the attributes used in the Essential Business product model and the insured item spec, insured party spec, and coverage specs are defined in the Vlocity Attribute Designer. Attributes are arranged into Attribute Categories.
Want to see a complete list of the attributes used in the Essential Business product model? See the Business Owners Attribute Catalog.
In the Vlocity Attribute Designer, basic information is defined for all attributes, such as name and attribute code.
The attribute's value data type, available values, default selected value, rating status, and other specifics are configured on the insured item spec, insured party spec, coverage spec, or root product spec.
Underwriting (Workflow) Rules
Underwriting (workflow) rules define what action or transition happens when a rule evaluates to true. Underwriting rules are created on the insurance root product spec, on the Rules tab.
The Essential Business product includes a couple of underwriting rules. These rules get run towards the end of the quoting process by the InsQuoteService:invokeProductRules service. This service is called by an integration procedure in the quote OmniScript and by the Lightning Web Component in the Quote UI.
Here are the workflow rules for Essential Business:
You can modify, delete, and add your own. For more information on rules in Insurance products, see Insurance and Health Rules.
Simulate Rating the Product
We've set up ratings on the Simulate tab on the root product spec to simulate rating the Essential Business product model. If you want to figure out how we've set these ratings up, see Business Owners Rating.
