I. Introduction
...
| Table of Contents | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
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).
...
Field
...
Description
...
Product reference
...
The reference of the product, must be unique between different products
...
Description
...
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
Each product
...
version is associated with a specific currency.
When creating a
...
first product version
...
, the currency
...
is auto-
...
populated based on tenant settings.
When cloning
...
from an existing product version, the currency
...
is copied from the source
...
version
...
Product limit
...
...
Define the maximum limitation of the product. Can be defined as per claim event, or per insured period.
...
Product deductible
...
...
Define the deductible of the product. Can be defined as amount, or % of damage
...
Payment options
...
The payment options that can be used with the product. The options that are not defined in the product version can’t use when purchasing a quotation
Note! There is a feature to manage this section, when you need to use but cannot see the field, please contact our support channel
You can define up to 30 options per product
Each product can have a % discount. This field is required. When you don’t want to define the % discount for a payment option then 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
...
Product commission (%)
...
.
d. Product commission ( % )
...
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 ( % )
...
Define the default
...
percentage for the sales commission.
This percentage can be adjusted during the quotation process.
f. Line of business
...
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.
...
...
End date handling scheme
...
g. Policy period
...
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
...
Limit (Free Text)
b. Setup product deductible
...
Field
...
Description
...
Deductible Type
...
Amount
...
to align the next renewal date for a customer.
II. Set up product limit and product deductible
a. Setup product limit
...
Field
...
Description
...
Limit Type
...
Per claim event
Per insured period
...
Value Type
...
Fixed value - the predefined value of the product.
For example, the insurance company always set the maximum sum insured as 10.000.000 and doesn’t depend on the policy sum insured
Input - getting the value from a question tag. The maximum sum insured is defined as the sum insured of a policy
...
Limit amount
...
The predefined limit SI, numerical field
Note! This field only shows when the value type = Fixed value
...
Source Question
...
The question that is defining the limit SI
Note! This field only shows when the value type = Input
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 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
...
3. Set up payment option
...
Note: Make sure your tenant configured the corresponding features for the payment option
Define the payment options that can be used with the product version.
Options not defined in the product version cannot be used when purchasing a quotation
You can define up to 30 options per product version
Each payment option must define the payment discount, which is required. If you don't want to define a discount, you can set it as 0
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.
...
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
...
For example, the insurance company always set the maximum deductible as 10.000.000 and doesn’t depend on the policy deductible.
...
) and "Input" (value obtained from a question tag).
...
Limit amount
The predefined deductible, numerical field
...
The Limit amount field appears only when the value type
...
is "Fixed
...
value”
The Source Question
...
The question that is defining the deductible
...
field appears only when the value type
...
is "Input."
Limit (Free Text): Additional information regarding the product deductible.