You are here:
Property Overview
The Property line of business provides a fully functional example of Homeowners and Renters product models, rating procedures, and business processes for quoting, issuing, modifying, and canceling policies.
This line of business application can be used for reference or as the base for the development of product models and business processes.
This guide will orient you to the contents of the org and the business process for personal property insurance.
Product Models and Rating Procedures
The product models and rating procedures Property are:
-
Product Model: Homeowners (HO3)
Rating Procedure: propHO3RatingProcedure
-
Product Model: Renters (HO4)
Rating Procedure: propHO4RatingProcedure
These product models and the rating procedures that calculate prices for these products at runtime underpin all the business processes in this line of business.
The product model provides the structure for the data JSON that moves through the business processes. Both the Homeowners and Renters product models are single-instance, which means that we intend customers to insure only one home per policy.
Both Homeowners and Renters also include a Scheduled Items child insured item under the Home insured item. This creates a parent > child > grandchild product structure.
To learn more about these product models, see Property 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 Property Rating.
We hope that by looking deeply at the product models and rating procedures in this line of business, you'll get ideas of how we built them that will help you when it's time to build your own property products.
Business Processes
These processes guide prospective customers (and agents and brokers helping those prospects) to get a rated quote for a property product, to issue a policy for that quote, and to cancel a policy.
The Homeowners Quote business process includes several sub-processes that help make it work and add functionality, such as the ability to email quote documents to a prospect.
What's Next
Now that you've got a high-level intro to Property, take a look at the Property Product Model.
- Property Product Model
The product models underpin all the business processes used in the Property line of business. The name of these product models are: - Property Attribute Catalog
We use a whole lot of attributes to build the products for this Application. In this catalog, each Attribute Category has a table, with all its attributes listed. - Property Rating
When we quote and endorse the Homeowners and Renters 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 service does the following: - Property Quote Business Process
We've created a quote business process for Homeowners and Renters insurance for you to examine, use as examples, and extend to create your own business processes for property insurance in Vlocity. - Use the One-Time Payment OmniScript
Use the One-Time Payment OmniScript to help your user make a single payment. - Property Claims First Notice of Loss
Property damage happens. When it does, policyholders need to submit First Notice of Loss (FNOL) information to their insurers to start the claims process rolling. This application includes a property FNOL OmniScript that does just this. - Authorize Payment for Property Claims
Claim approvers, claim handlers, and claim adjusters are all assigned a maximum limit that they can authorize a claim payment for. If the claim amount is over the authorized limit for a particular role, the claim needs to be approved by a claim manager before it can be paid. - Property Claims Initiate Recovery
Claims adjusters have the responsibility of deciding how much money can be given for each claim. With the Claim Adjuster App, users can now quickly create a recovery record from the Insurance claim.
