Dynamic Product Model

Dynamic Product Model

The PolicyCenter product model is at the core of its line-of-business configuration. It defines the products that carriers offer through PolicyCenter PolicyCenter stores these product definitions as "patterns." PolicyCenter uses these patterns during the submission process to generate instances of policies or the subcomponents of policies. Use Guidewire Studio to create and manage your product model. Envision the product model as a product configurator You can equate it to a computer manufacturer’s web site that offers several models of laptop computers, each with different features to select from. Manufacturers typically design their product for a specific market. The manufacturer provides one laptop for consumers who travel and need a light laptop. They provide another option for consumers who need a very fast computer with large amounts of RAM and the latest graphics card. The manufacturer figures out what consumers want and creates products that fill that need. You can configure PolicyCenter to meet your business needs. You can define a product, select a policy line, and offer different coverages, and coverage terms.

PolicyCenter is dynamic—products can be defined, created, and implemented within weeks. For each product, the product model defines what can be covered for that product. For example, in an auto policy, there would be information about collision coverage and uninsured motorist property damage coverage. The business logic can be configured in Studio. If a carrier wants to expand their product line, and they have a legacy mainframe system, it can take many months or even years to implement. In other words, Guidewire training designed PolicyCenter so that users can introduce new products and quickly bring them to market.

Example:

Janet Jones, an Acme Insurance producer, has noticed many people driving the new hybrid auto (gas and electric). She has an idea that she thinks her manager will like. So she begins to research the idea of offering a new coverage that can bring more revenue to the company Her extensive research indicates that more than 20% of new car drivers in three surrounding cities drive the new vehicle. Further research also indicates that the life span of the battery is about 80,000 miles. She proposes to her manager that Acme can be the first insurance company in their area to offer special coverage on the hybrid that would cover batteries. Her manager likes the proposal. Offering a new hybrid coverage can be implemented in PolicyCenter in weeks, instead of the years that it would take an IT department to make changes on a legacy system. This speed gives insurance companies the competitive edge to get to market quickly

See the PolicyCenter Configuration Guide for details.

Lines of Business in the BaseApplication

The PolicyCenter base application contains several lines of business. Each line of business contains a reference implementation that you can use to accelerate your implementation. Each line of business includes reference implementations for jobs, policy file screens, sample rating rules, and may also contain sample eligibility/evaluation rules or forms logic. Each reference implementation also provides sample content, though the extent of this content varies by line of business.

PolicyCenter includes the following lines of business:

• BusinessAuto

• Business owners

• Commercial Package (includes Commercial Property, Inland Marine, and General Liability)

• Commercial Property

• General Liability

• Inland Marine

• PersonalAuto

• Workers’ Compensation

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Note: The PolicyCenter default application is not a compliance system. Guidewire designed the product model so that you can maintain your lines of business within your jurisdictions, as necessary. For example, the system tables in the default application can accommodate multiple classifications per jurisdiction over time. Lines of business can accommodate many coverages and exclusions per jurisdiction over time. The default application contains a sample set of these classifications, coverages, and exclusions.