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1. Introduction

In this guide, you will learn how to set up general information on your product version. The General tab includes settings a product's description, lookup file, currency, product commission, sales commission, and specifying the line of business (used for the MGA Binder feature).

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2. Defining Product Attributes

In this section, we'll cover how to define key attributes for your product version.

a. Product Reference

• The product reference is a unique identifier for each product version.

• Ensure that the reference is unique, distinguishing it from other products.

b. Product Description

• A brief description of the product version.

c. Currency

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• Each product can only have one currency. Seamless currently supports up to 11 currencies, which are: AUD, CAD, DKK, EUR, GBP, JPY, NOK, SEK, SGD, USD, and VND.version is associated with a specific currency.

• When creating a

  new

  first product version

  from scratch

  , the currency

  field

  is auto-

  selected or defaulted to the default currency that is configured in

  populated based on tenant settings.

• When cloning

  or copying

  from an existing product version, the currency

  field

  is copied from the source version.

d. Product commission ( % )

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• Define the default percentage for the product commission.

• This percentage can be adjusted during the quotation process.

• The product commission rate converted, and product commission amount at cost is defined Product commission configuration

e. Sales commission ( % )

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• Define the default percentage for the sales commission.

• This percentage can be adjusted during the quotation process.

f. Line of business

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• Choose the line of business that the product version is associated with. This is often used for features like the MGA Binder.

• You can select from predefined options available in the dropdown or input a new line of business.

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g. Policy period

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You can define the scheme for handling renewal date with four options:

• Annual: The next renewal date will be one year after the previous end date.

• Renewal Date Alignment: You need to specify the date and month to align the next renewal date for a customer.

• Monthly: The next renewal date will be a set number of months after the previous end date.

  • Default Policy Period (Month): Specify the default number of months of the policy, and is not affected by tenant settings.

  Payment options:

  • this option is only visible when the end date handling scheme is set to "monthly.

• Annual Previous Month End: The renewal date will be the 1st day of the policy start month

  • For instance, if the policy start date is 20/10/2023 → the renewal start date will be 01/10/2024

You can set up the minimum policy period based on three permission levels. Users with the respective permissions can purchase policies with a period equal to or greater than their configured permission level.

• Minimum Period For Basic Level (Month): corresponds to the Accept minimum period quotes level 1 permission

• Minimum Period For Advance Level (Month): corresponds to the Accept minimum period quotes level 2 permission

• Minimum Period For Admin Level (Month): corresponds to the Accept minimum period quotes level 3 permission

You can set up the maximum policy period, and all Seamless users are required to adhere to the configuration Maximum Period (Month)

h. Plan selector question

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3. Set up payment option

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• Define the payment options that can be used with the product . The options that are version.

  • Options not defined in the product version

  can’t use

  • cannot be used when purchasing a quotation

• You can define up to 30 options per product version

• Each

  product can have a % discount. This field

  payment option must define the payment discount, which is required.

  When

  If you

  don’t

  don't want to define

  the % discount for a payment option then

  a discount, you can set it as 0

• You can add a new option by the Add button, or remove by the Remove button

  • When all the payment options are added in your product version then the Add button will be removed

• Image Removed

• Product commission (%): defines the default percentage at Product Commission that you can adjust during the quotation process.

  • For product commission settings: Product commission configuration

• Sales commission (%): defines the default percentage at Sales Commission that you can adjust during the quotation process.

• Line of business: defines the line of business that the product version belongs to (used for the MGA Binder feature).

• End date handling scheme: defines the scheme of the renewal date. Two options:

• Annual: with this option, the next renewal date will be the date after the previous end date plus one year.

Renewal Date Alignment: with this option, you need to specify the date and the month that you want to align the next renewal date for a customer

Payment options can be added or removed using the "Add" and "Remove" buttons.

4. Set up product limit & deductible

a. Product Limit

• Here, you can set the maximum limit of the product, which can be defined either per claim event or per insured period (Limit Type)

• Define the Value Type as either "Fixed value" (predefined value) or "Input" (value obtained from a question tag).

  • Limit amount: This is the predefined limit sum insured (SI), a numerical field.

  • Source Question: This field is shown only when the value type is "Input" and represents the question that defines the limit SI.

  • The Limit amount field only appears when the value type is "Fixed value," and the Source Question field only appears when the value type is "Input."

• Limit (Free Text): Additional information regarding the product limit.

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b. Product deductible

• Deductible Type: Choose between "Amount" and "% of damage."

• Depending on the deductible type selected, specify the necessary details.

• Deductible type = % of damage:

  • Deductible % Question: A question for capturing the deductible percentage.

  • Minimum Deductible Amount Question: A question for capturing the minimum deductible in a policy.

  • Maximum Deductible Amount Question: A question for capturing the maximum deductible in a policy.

  • Deductible Time From Question: A question for capturing the deductible time.

• Deductible type = Amount:

  • Value Type: Options include "Fixed value" (a predefined value of the product) and "Input" (value obtained from a question tag).

  • The Limit amount field appears only when the value type is "Fixed value”

  • The Source Question field appears only when the value type is "Input."

• Limit (Free Text): Additional information regarding the product deductible.