Products and product lines

A product is an insurance product, such as personal auto or commercial package, that an insurance company offers for sale to its customers. A product sale results in a policy. A product line, sometimes referred to as line, is contained in a product. Multiline products contain one or more product lines.

The APD App product may have been created from a mind map or created directly in Advanced Product Designer App. In Advanced Product Designer App, you can view, modify, and enhance the product.

Product Element Details

To display a product's Element Details, select Product in the navigation pane and choose Edit or View from the product's vertical ellipsis menu.
Field Description
Product Name Name of the product.
Product Description Description of the product.
Account Type Specify the type of account that can take out policies for this product:
  • Any – Both companies and people
  • Company
  • Person

This affects which product are listed for a new submission.
Currencies
Specify the level of support for multiple currencies. Values are:
  • Domestic - Policies are single currency and use the default currency.
  • Single - Policies are single currency and can use any of the supported currencies. Multicurrency must be enabled to use this option.
  • Multiple original - The policy is multicurrency. Premiums and sums insured can be defined in any number of currencies. There is a single settlement currency into which all amounts are converted for billing. Multicurrency must be enabled to use this option.
  • Multiple settlement and original currencies - Original currencies as above, but may bill in a number of settlement currencies (typically based on the countries of risk). Multicurrency must be enabled to use this option.

Product line Element Details

To display a product line's Element Details, select Line in the navigation pane and choose Edit or View from the product line's vertical ellipsis menu. Line appears underneath Product.
Field Description
Line Name The name of the product line.
Line Identifier

A unique identifier for the new product line. For example, use SmBus for a Small Business product line. See Labels on product and product line.
Line Prefix A unique 3-character code for the product line. See Labels on product and product line.
Line Description Description of the product line.
Currencies
Specify the level of support for multiple currencies. Values are:
  • Domestic - Policies are single currency and use the default currency.
  • Single - Policies are single currency and can use any of the supported currencies. Multicurrency must be enabled to use this option.
  • Multiple original - The policy is multicurrency. Premiums and sums insured can be defined in any number of currencies. There is a single settlement currency into which all amounts are converted for billing. Multicurrency must be enabled to use this option.
  • Multiple settlement and original currencies - Original currencies as above, but may bill in a number of settlement currencies (typically based on the countries of risk). Multicurrency must be enabled to use this option.
Product Line Type

Defines the coverage types as well as where those coverages apply (policy or risk object covering single or multiple risks, for example) that will be available for the defined product line.
App Event Aware Application Events are a Guidewire Cloud capability that simplify integrations. Application Events allow downstream systems to subscribe to business events without coding. Choose Yes to generate a product line that is compatible with Application Events. If you choose No, then Application Events cannot be used with this product line.

Configuring the default transaction settings for an edition

When you create a new policy transaction such as a policy change, cancellation with rewrite, cancellation with reinstatement, or renewal, you must specify whether to use the stored product edition or the latest product edition. The edition of a product that is used to create a policy is called the stored edition. It is possible that later editions are created after the policy is created, and that one or more of these editions is still in effect.

You can configure the default transaction settings for an edition under Element Details for the product line. The recommended settings are as follows:
  • Use Stored Product Edition For Policy Change: Yes
  • Use Stored Product Edition For Renewal: No, always use the latest edition.
  • Use Stored Product Edition For Reinstatement: Yes
  • Use Stored Product Edition For Rewrite: No, always use the latest edition.