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Explore Insurance Policy Coverage, Assets, and Transactions

Learning Objectives 

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. 

Rachel’s car parked outside her home.

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.

Note

Note

Person accounts store information about individual people by combining certain account and contact fields into a single record. Person accounts let you store information that applies to human beings rather than corporations, such as a first name and a last name.

Key Objects

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.

Object
Description
Insurance Policy
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 so on.
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.
Customer Property
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.

A picture showing the information contained in the Insurance Policy, Insurance Policy Asset, and Customer Property objects and how they relate to each other.

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.

A picture showing the information contained in the Insurance Policy, Insurance Policy Asset, Customer Property, and Insurance Policy Coverage objects and how they relate to each other.

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.

A picture showing the information contained in the Insurance Policy, Insurance Policy Asset, Customer Property, Insurance Policy Coverage, and Insurance Policy Participant objects and how they relate to each other.

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.

A picture showing the information contained in the Insurance Policy, Insurance Policy Asset, Customer Property, and Insurance Policy Coverage objects and how they relate to each other.

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.

A picture showing the information contained in the Insurance Policy, Insurance Policy Asset, Insurance Policy Participant, and Insurance Policy Member Asset objects and how they relate to each other.

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.

A picture showing the information contained in the Insurance Policy, Securities Holding, and Insurance Policy Participant objects and how they relate to each other.

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 picture showing the information contained in the Insurance Policy, Policy Payment Method, Financial Account, and Financial Account Transaction objects and how they relate to each other.

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. 

A picture showing the information contained in the Insurance Policy, Claim, Financial Account Transaction, and Financial Account objects and how they relate to each other.

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.

A picture showing the information contained in the Insurance Policy, Insurance Policy Coverage, and Coverage Type objects and how they relate to each other.

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. 

A picture showing the information contained in the Insurance Policy, Insurance Policy Coverage, and Workers Compensation Coverage Class objects and how they relate to each other.

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