General tab

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.

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.

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.

g. Policy period

You can define the scheme for handling renewal date with three 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 this option is only visible when the end date handling scheme is set to "monthly.

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

• 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) 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.