Product Modeling, Rating, and Business Processes

The first major task a user does in Insurance is product modeling. The product models you create define all the products you sell and service, and how Salesforce handles those products.

The next task is creating rating procedures to price the products you've modeled, then connecting those rating procedures to your products.

In the Vlocity Insurance Application for Property & Casualty, we've created several product models and rating procedures to price them. In this document, we'll be using the Multi Auto product model.

Now comes the fun part: Using the product models and rating procedures to create business processes to quote, sell, and service your insurance products.

Here are business processes available in the Vlocity Insurance Application for Property & Casualty that appear in this guide:

• Quote

  Users can configure, price (rate), underwrite, and present quotes to end customers.

• Issue Policy

  Users can choose payment schedules and methods, enter payment information, and issue an insurance policy.

• Modify Policy (Add Endorsements/MTAs)

  Users can add endorsements to in-force policies by doing one or more of the following:

  • Modify Coverages

  • Add Vehicle

  • Remove Vehicle

  • Add Driver

  • Remove Driver

• Cancel Policy

  Users can cancel in-force policies and issue refunds to end customers as needed.

In addition to the business processes described in this guide, the Vlocity Insurance Application for Property & Casualty includes business processes for:

• Renewing a policy

• Filing a claim against a policy

• Managing claims through the complete claims lifecycle