Insurance product models

  • Release version: Yokohama
  • Updated January 30, 2025
  • 1 minute to read

    • Use an insurance product model to customize the essential features, terms, conditions, and coverages that an insurance policy offers by using the Insurance claims application. You must first establish an insurance product model before you can create an insurance policy.

    An insurance product model acts as a blueprint for designing and managing insurance policies. This model gives you a structured approach to policy creation while allowing flexibility for customization, including the following considerations:
    • Whether the policy applies to personal customers or commercial customers.
    • The product category that this product model represents.
    • The coverage specifications that apply, which define the specific protections and risks covered by the policy.

    After this model is in place, you can use it to create actual insurance policies that are sold to customers.

    Types of insurance product models

    You have two types of insurance product models that you can use:
    1. Personal insurance model, which is used to represent the insurance products for consumers.
    2. Commercial insurance model, which is used to represent the insurance products for accounts and contacts.

    For more information, see Expanded Model and Asset Classes Store application.

    Product types

    To create a new insurance product model, you must first define a product type.

    The Product Type field in the insurance product model specifies the category, or type of product, that the model represents. By defining a product type, you can structure the policy to ensure that it aligns with the particular needs and coverages relevant to the product.

    Examples of product types include:
    • Personal travel policies
    • Personal auto policies
    • Homeowners policies

    For more information, see Create an insurance product model.