Explore Insurance Policy Coverage, Assets, and Transactions
After completing this unit, you’ll be able to:
- List the key attributes of a typical insurance policy.
- Set up coverage details for a policy.
- Configure payment information for policies.
- Describe how a workers’ compensation policy is supported by the insurance data model.
Basics of an Insurance Policy
The insurance data model brings all information related to insurance policies and claim summaries to Salesforce, so you have a 360-degree view of your policyholders. Let’s see how Cumulus does this with one of its policyholders.
Rachel Adams is a longstanding, high-net-worth customer of Cumulus and she has several financial relationships with the company. She recently purchased a car insurance policy for her sedan from Cumulus.
Some of the policy attributes are as follows.
- Validity: 1 year
- Start date: Jan 1, 2020
- End date: Dec 31, 2020
- Premium paid: $1000
If you’ve earned the Financial Services Cloud Data Modeling badge, you know that Rachel Adams is modeled as a Person Account, which is a longstanding object from Financial Services Cloud.
But how are the key attributes of Rachel’s car insurance policy in Salesforce going to be represented? The details of the policy and the car insured by the policy are captured in the following objects.
||Think of this as the root object in the insurance data model. Everything else flows from here. The Insurance Policy object captures essential info such as the policy number and type, name of the insured, effective dates, premium applicable, and
|Insurance Policy Asset
||This object contains high-level info of the asset insured by the policy. The actual details of the asset are captured in the Customer Property object, which is linked to from here.
||This object elaborates on the Insurance Policy Asset object, and contains details such as the car model, fair market value, and so forth.
Here’s how all this information, and its interconnections, plays out visually.
Reveal the Coverage
Zeynep, our all-star sales agent, had originally sold Rachel her car insurance policy and Zeynep’s now helping Karuna with setting up the insurance data model for Cumulus. Karuna learns from Zeynep that Rachel’s car policy includes:
- Comprehensive coverage
- Collision damage coverage
- Personal injury coverage
The collision damage coverage in particular includes:
- A liability limit of $50,000 to cover damages
- A personal deductible of $500
The other coverages in Rachel’s policy (comprehensive and personal damage) in turn have further nuances, but we won’t be going into them for now. Karuna maps the additional details she has so far about Rachel’s policy to the Salesforce insurance data model.
Insurance Policy Participant
Rachel wants her husband, Nigel, included in the car insurance policy. Nigel does weekend grocery runs with Rachel’s sedan, and Rachel wants to make sure he’s covered. Nigel is already a Cumulus customer through his other financial investments. Like Rachel, he’s modeled in Salesforce using the Person Account object.
Karuna uses the Insurance Policy Participant object to relate him with Rachel’s policy.
Multiple Assets Under One Policy
Rachel decided to reward herself to a brand-new SUV, thanks to that recent bonus from work. She’d like Cumulus to cover the new car under the existing policy. But she wants to move some details around: She’d like comprehensive coverage for the SUV, and not the sedan. Karuna gets to work.
Data Model Versatility
Rachel’s husband, Nigel, has been on an acquisition spree too. Business has been booming lately, and he’s bought himself a new minivan. Rachel checks with Zeynep to see if the new vehicle can be added to her existing car insurance policy, and if that would bring down the overall premium. Yes and yes! Rachel also wants to add their step-daughter Nyala as a driver for the minivan.
Karuna gets to work modeling this advanced scenario. It’s a good thing the insurance data model is nimble and flexible.
You’ve Got a Dashboard Alert
Zeynep logs in on a Monday morning only to see a dashboard alert reminding her that it’s Rachel’s 30th birthday in a few days. Zeynep, ever the sales rockstar, uses this opportunity to cross-sell a new life insurance policy to Rachel.
Rachel appreciates Zeynep’s proactiveness: She buys an asset-backed life insurance policy from Cumulus. This policy protects life, but it also lets Rachel invest in market securities such as stocks and bonds. Rachel nominates her husband Nigel as the policy nominee. Let’s admire Karuna’s handiwork on this one.
Divvy Up the Payment
Rachel wants to pay the life insurance policy premium on a quarterly basis via her primary credit card. Here’s how Karuna models the credit card info, quarterly premium payments, and the billing relationships.
A Bump Along the Road
Rachel needs to raise a claim on her car insurance policy. When Cumulus Insurance transfers the claim’s proceeds to Rachel’s bank account, Karuna models that activity using the Financial Account Transaction object.
We’ve Got You All Covered
The insurance data model supports implementation of alternate coverages: You can bring the master list of coverages into the Coverage Type object and then leverage the Insurance Policy Coverage junction object to model the coverages purchased under specific policies. This is what that looks like.
Insurance for Employers
Rachel’s employer, Cloud Kicks, has purchased a workers’ compensation policy to cover expenses that arise from any accidents at its factories. A workers’ compensation policy typically covers different classes of employees at different factory locations. Here is how Karuna models this.