How do you configure Product Model in Guidewire PolicyCenter?

 

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How do you configure Product Model in Guidewire PolicyCenter?

Configuring the Product Model in Guidewire PolicyCenter involves defining insurance products, coverages, and policy structures to meet business needs. Here's a high-level approach:

1. Access Product Model

   • Navigate to PolicyCenter Studio.

   • Open the Product Model section to define new insurance products.

2. Define Product Components

   • Set up Policy Lines (e.g., Auto, Home, Commercial).

   • Define Coverages, Sub-coverages, and Modifiers.

   • Configure policy terms, conditions, and eligibility rules.

3. Configure Availability

   • Use Availability Conditions to control product visibility based on jurisdiction, state, or risk factors.

   • Set up Product Offerings based on business rules.

4. Customize Rating and Rules

   • Define Rate Table Configurations in the Rating Engine.

   • Implement Underwriting Rules to validate policy eligibility.

5. Integrate Forms and Documents

   • Set up required Policy Forms based on product rules.

   • Manage document templates within PolicyCenter.

6. Test & Deploy

• Use Test Scenarios to validate product functionality.

• Deploy configurations to production after testing.

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