Generic Product

Question 1

What is the Generic Product?

Answer 1

When new insurance products are launched, the underwriting system is required to be enhanced to create a structured product which can be used to book policies. But this process can take several months. In order to allow for immediate premium booking from the new product, a generic product is developed where new policies can be booked until the structured product is available.

Question 2

What are some of the unique features of this generic product?

Answer 2

1) Sub-Product Concept and Logic
2) Dynamic risk header fields based on LOB and sub-product selection
2) Dynamic Risk Description options based on sub product selection.
3) Front end master to define Risk to Cover mapping.
4) Front end master to define cover to NOL mapping.

Question 3

What are the key measures and dimensions associated with a sub product?

Answer 3

LOB, Sub product name, Sub product ID, UIN number, Computation unit - per Mille or percent, start date and end date.

Question 4

What are the masters available under the generic product?

Answer 4

Sub product master
Sub product to Risk Description Master
Risk Description to Cover master
Cover to NOL Master
Commission Master
Risk header control mapping master

Question 5

What are the main fields on Gencon page 1?

Answer 5

1) Policy number
2) Policy RSD
3) Policy RED
4) proposal number
5) Type of business- Direct vs Intermediary
6) office location
7) customer ID
8) Intermediary ID
9) Commission %
10) Business segment
11) Business division.