Product model

The PolicyCenter product model is at the core of its line of business configuration. It defines the products that insurers 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 Product Designer to create and manage your product model.

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 – you can define, create and implement products. For each product, the product model defines what each product can cover. For example, an auto policy includes information about collision coverage and uninsured motorist property damage coverage. You configure the business logic in Product Designer. The backing data model, code, and PCF pages required to support a line of business must be created by a developer using Guidewire Studio.

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.