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          Essential Business 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.

          The Commercial line of business offers this business product that lets you insure people as well as products:

          • 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.

          Here’s a high-level product model for the Essential Business product.

          Illustrates the product model for the Essential Business product.

          Carry on reading for a closer look into the product model components.

          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.

          Rules

          Rules define the way products behave when these products are quoted, sold, and serviced.

          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:

          Illustrates the underwriting rules for the Essential Business product.

          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.

           
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