Guidewire PolicyCenter Professional Exam

Audit Process Steps (6)

1. Audit Task starts an audit job 2. Audit - draft policy transaction ready 3. Each Item becomes a link to the audit wizard so the user can enter info 4. Enter Audit Details 5. Calculate Premiums 6. Submit - Audit Non-editable

External systems PC can be integrated with (8)

1. Broker Management System 2. Customer Communication System 3. Reporting System 4. Esignature system 5. Document Production 6. Contact Management 7. Rating Engine System 8. Authentication

Which Products have Offerings in the base configuration (5)

1. Business Owners 2. Commercial Auto 3. Commercial Package 4. General Liability 5. Personal Auto

Jobs can be started in 3 ways

1. By users through Actions menu 2. External systems through API's 3. PC batch processes

Actions related to a Contingency (3)

1. Changing the policy 2. Cancelling the policy 3. Cancelling and rewriting the policy

Policy File Contains (4)

1. Contact 2. Location 3. Form 4. Policy (contains coverages, coverables, coverage terms, and premium)

Steps to add a generic schedule to LOB (3)

1. Create a generic schedule data model for line 2. Configure scheduled clauses and properties in the product model, using Product Designer 3. Configure the schedule UI if you want to change how it looks and operates

Steps to create a new role

1. Enter name 2. Choose role type 3. Specify if this is an internal role only 4. Add permissions

A Policy Line contains: (5)

1. Exclusions 2. Conditions 3. Modifiers 4. Coverage 5. Forms

Types of Validations

1. Field Validations (restrictions to match inputs) 2. Validations during Save 3. Validations run at certain points of a transactions Validations can be blocking or non blocking (warning)

Types of fields in the UW Rules Screen (3)

1. Fields related to defining the UW Rule (Name, Code, Description, Checking Set, Blocking Point, Enabled, Start/End Date) 2. Fields related to evaluating the UW Issue (applicability section, Rule Contect, Rule Condition, UW Details) 3. Fields related to approving the UW Issue (Auto-Approvable, Default Edit before Bind, Default Approval Blocking Point, Default Duration, Value Comparator, Value Formatter Type, Default Value Assignment Type, Default Value Offset Amount)

Forms vs Documents

1. Forms contain legal info, documents contain relevant account, policy, or job info 2. Forms are part of the policy contract, documents are not

Types of activities

1. General Activities - a task to do, no authority invovled 2. UW Review activity - Requests UW to review UW Issues

Activity Lifecycle (5)

1. In Progress - New/Updated (Star icon) 2. In Progress (viewed) - Normal (Star disappears) 3. Overdue - Due date turns red 4. Escalated - exclamation appears 5. Closed - Completed or skipped (disappears from list)

Ways to configure availability in product model

1. Lookup tables (to determine initial set "S" of available entities 2. Availability Scripts (Script must return "True" or "False" after passing available entities through 3. Grandfathering 4. Offering

Notes vs Documents

1. Notes - written in plain text, created by user or through Gosu and stored in the PC Database 2. Documents - more complex, might be PDF, Word, Excel, etc. May be stored in the PC Database, or in Document Management System

Steps to creating a submission/policy (12)

1. Offering - allows the insurers to define product types based on existing base product definitions 2. Prequalification - answer basic questions to reveal if the applicant qualifies for certain coverages, or could reveal UW issues 3. Policy info - captures basic info 4. UW - large insurers license subsidiaries to do UW based on state requirements 5. Coverages - ex. for PA - collision, liability 6. Modifiers - increases or decreases in coverages based on certain factors 7. Risk Analysis - where UW concerns show up. UW can review or maintain any issues 8. Policy Review - can see full application summary 9. Quote - all policy info is sent to a rating engine and returns a quote 10. Forms - become available at this point 11. Payments - payments screen looks in depth at payment options to consider payment plans 12. Bind and Issue - coverage becomes legally binding with Bind even without official documentation. Issues means the documents are getting issued

List of Policy Lines (8)

1. Personal Auto 2. Commercial Auto 3. General Liability 4. Homeowners 5. Business Owners 6. Inland Marine 7. Commercial Property 8. Worker's Comp

Premium Audit Methods

1. Physical 2. Phone 3. Estimate 4. Voluntary

Premium Audit Roles

1. Premium Auditor - may edit the audit summary and details 2. Audit Examiner - verifies the accuracy of the audits, calculates the premium, completes the audit 3. Audit Supervisor - can track outstanding audits and audit activities

Types of Producers (2)

1. Producer of Record - Created the submission, receives commision based on the premium 2. Producer of service - services the policy (usually the same as the producer of record if a new policy - if different, they only get commission after the policy is renewed)

Ways PC interacts with BC

1. Producer setup 2. Account Management 3. Policy Transactions and billing instructions 4. Renewal on payment received 5. Cancellation for non-payment 6. Billing status

Examples of PC functional requirements (6)

1. Product - coverages and coverage terms 2. Rating - Costs for coverages 3. UI - screens and fields 4. UW issues - business rules within business framework 5. Validation rules - screen edits within the business rules framework 6. Roles and Permissions - collection of granular tasks in PC mapped to a job function or title

User Story Card themes (6)

1. Product Model 2. Quote Application 3. Policy Change 4. Renewal 5. Cancel/Reinstate/Rewrite 6. Administration

Requirements to designing a product (required fields) (7)

1. Product Type 2. Product Name 3. LOB 4. Product Account Types 5. Available Jurisdictions 6. Policy Terms 7. Default Policy Term

PC areas of configuration

1. Product/Data model 2. Application Logic 3. UI 4. Integrations Also split into: 1. Products 2. Processes 3. Content

Parts of a rating engine (5)

1. Rate tables 2. Rate table definitions 3. Rate book 4. Rate routines 5. Parameter set

Reasons for UW Referral

1. Related to the Policy (when something about the policy needs to be brought to attention) 2. Generate an UW issues which is blocking 3. Often manually created, can only be deleted manually or through API, can't be approved 4. PErsists with the policy, resulting UW issues can be approved

Security in PC (2)

1. Role based security - a role is a named collection of permissions that typically map to a jo function or title 2. Date based security - defines what data can be access and typically managed through producer codes

How can UW issues be created? (2)

1. Rule conditions can be created in the UW Rule UI, more complex conditions can be written in gosu 2. UW issues can also be created manually on the UW Issues screen (can not be removed automatically

Final Audit Steps (5)

1. Schedule Final Audit 2. Audit task batch process start audit job before policy expiration 3. Enter Audit basis 4. Calculate premium and complete audit 5. Billing system notified to make premium adjustments

Premium Report General Steps (6)

1. Schedule Premium reports 2. Audit task batch process starts each premium report 3. Send the report to the insured to get audit basis 4. Enter report data received and calculate premium 5. Billing system notified with payment received 6. Billing system reconciles amount received with PC amount and makes necessary adjustments

Types of Policy Transactions (6)

1. Submission 2. Change 3. Renew 4. Cancelled 5. Rewritten 6. Reinstated

Supporting information under an Account (11)

1. Summary 2. Contacts 3. Location 4. Participants 5. Transactions 6. Submission Manager 7. Policies and UW files 8. Documents 9. History 10. Notes 11. Related Accounts

Policy File details (on left hand side bar) (11)

1. Summary - concise info about policy file 2. Billing - view overall balances for policy periods 3. Contacts - list all contacts associated with a policy 4. Participants - lists users interacting with a policy by role 5. Policy Transaction - displays summary info about all policy transactions that have occurred on the policy 6. Notes - view and search notes related to the policy 7. Documents - view and search documents related to the policy 8. Risk Analysis - issues that may affect the policy (UW issues, claims, prior policies, prior losses, contingencies) 9. Reinsurance - insurance risk transferred to another insurance company to all or part of the liability 10. History - view and search historical events pertaining to policy 11. Financial Transactions - an internal tool used for rating while developing the application (only people with the "InternalTool" permission can see this screen

Why is it important for the BA to know the base configuration?

1. To identify where change needs to happen 2. Effectively document requirement, including UI mockups 3. Justify every change that requires configuration 4. Demonstrate PC configuration to stakeholders

Notes Fields

1. Topic 2. subject 3. Security Level (Unrestricted, Internal, Sensitive) 4. Text

2 Ways to create documents

1. Upload an electronic file to the Document Management System 2. Create a new doc using a PC template, creating a local copy on the Document Production system, ultimately uploaded to the Document Management System

Where does the info exist for a document?

1. User's Computer 2. Policy Center 3. Document Production System 4. document Management System

Rules for groups (5)

1. Users can belong to more than 1 group 2. An internal user can be assigned a producer code for any org 3. External users must be associated with an org 4. If Producer Code Security is set to "Yes" the user can only use their role permissions against policies with a matching producer code, even if they have a larger set of permissions available through their roles 5. "Misassigned" category is for jobs assigned to groups but to an invalid user. Activities and jobs can be mass reassigned.

What you can do with activities (6)

1. View 2. Search 3. Take Ownership 4. Modify 5. Reassign 6t. Complete or Skip

Recommended Practice for mapping coverages

1. When mapping, put coverages that will appear together or automatically in the same category 2. When rendering on the UI, put commonly accepted coverages on "Included Coverages" and less commonly accepted coverages as "Additional Coverages"

Samples of forms (5) (4)

1. declaration sheets - a summary of all exposures and coverages 2. Base forms - attached regardless of what coverages or exposure units are selected 3. Additional coverage forms - add additional coverage 4. Exclusion forms - limit forms 5. Manuscript forms - blank forms with space for free text High level: 1. Policy forms form PC 2. Invoices from BC 3. Delinquency Letters from BC 4. Notification letters of new claims from CC

3 levels of assignment for external users

1. fully restricted - only access to their own org 2. protect internal - can be assigned producer codes from any external org 3. allow internal - allow access to internal or external orgs

Preemption

2 transactions are initiated from the same base period - a transaction starts while another is in progress The first job that finishes/gets bound "wins out" and the losing job has to be modified to handle the preemption

What is the max number of submissions you can make per LOB?

5

What is a group

A collection of users, producer codes, queues, and regions created based on geographic regions, divisions, and departments

What is availability and what is it based on? (6)

A component either appears or doesn't appear on a live app Based on: 1. Start/End date 2. Industry Code 3. UW company 4. Policy Type 5. Policy Transaction type 6. Jurisdiction

Rate books

A group of rate tables and rate routines

Checking set

A point in the job where issues can be raised (Pre-quote, Bind, Pre-issuance)

4 types of info in a security dictionary

A series of HTML pages documenting roels and permissions for the application 1. Application permission keys 2. Pages (in UI) 3. System Permissions 4. Roles

What is a Schedule Rate Modifier

A specific type of modifier that provides credit or debits within established value ranges

What is a producer code

A unique ID assigned by the insurer to track which agent/agency is responsible for which policies and accounts

What are Coverage Terms

A value that further defines a specific coverage (Deductible and Limit) Coverage can have 0, 1, or multiple terms attached

What is a Rate Modifier?

A value that the rating engine uses to justify the policy premium, or some portion of the premium

What is an Activity?

A way to keep PC users informed about important tasks related to accounts, policies, transactions (can be manually or automatically created using business rules)

What is a Modifier Pattern?

Affects the rating of coverages. Creates an instance of a modifier that affects the cost of a policy

What are clauses?

Coverages, Exclusions, and Conditions

Document Production

Create a draft document by merging Template with Field Values

What is a rate table definition?

Describes the parameters and the factors for a particular rate table

Coverage Pattern Attributes

Determines whether or not each relevant coverage is offered on a policy and whether the user can accept or decline

Deploying UW Rules (Dev vs Prod server)

Dev: 1. Draft (rules have been created but not complete or tested) 2. Staged (tested and ready for deployment) Prod: 1. Approved (Rule is ready for Deployment) 2. Deployed (Rule executes)

Coverage Table

Each coverage is associated with a coverage lookup table storing availability criteria for coverages A coverage table has a set number of columns for each term type (the number of coverage terms is limited to the number of columns for that type (devs can add columns to extend the table) Use product designer to specify the column of the coverage table in order to map the term to the column

What are Documents?

Electronic files that contain info pertaining to an account, policy, or job ( not part of th contract)

Activity Ownership

Explicit - calls out person Implicit - calls out person's role

How are forms created?

Form Inference - PC generates forms based on policy details (this logic is defined by Form Patterns) Form Pattern - defines metadata about a form and the inference logic (the define valid forms the system can infer on a policy) The actual Form content is created by a Document Production System (DPS) The created form content is stored in a Document Management System

What is included in Final Audit Base Configuration? (2)

General Liability and Worker's comp

What is a product model?

How a product is configured - What LOB's are required? What coverages can you add to each LOB? A product appears when you are in a "New Submission" screen in PC Configured in Product Designer Ex. Commercial Package, Commercial Property

What is Existence

How does the coverage appear to the user? (Suggested, Electable, Required)

Interrupt renewal - If you start a renewal and then change the existing policy, what happens?

If the renewal is unbound, the policy change can be added to the renewal

Endorsement numbers

Indicates the order that a form was added to the policy (apply to a specific policy period (sequential starting at 1)

What is a Role type

Indicates which entities that role can be assigned to (ex. producer code role, user producer code role, user role)

Schedules

Lists of detailed info about an insured coverables (ex. list of jewellery)

What is a policy hold?

Placed on a transaction in the event of a natural disaster or for changes in a business in a specific region for a period of time Allows a carrier to prevent users from creating new policies or changing existing policies UW issues are raised and cause a block if the date interferes with the hold date

Which patterns do NOT have availability logic

Policy lines (because they are so closely tied to the product itself)

How to override an automatic renewal

Pre-configure renewal directions - this puts the expiring term into either automatic nonrenewal or manual renewal

Which patterns do NOT have Grandfathering Logic

Product and Policy Line

3 statuses of policies getting renewed

Renewed Not Taken Non-renewed

what is asynchronous quoting and under what conditions is it enabled? (2) Which LOBs support it? (5)

Runs the quote processes in the background in the following conditions: 1. Asynchronous quoting is enabled 2. Number of coverables exceeds a threshold Supports - Commercial auto (for vehicles), Business owners (for buildings), Commercial property (for buildings), General Liability (for exposures), Worker's comp (for covered employees) Quote --> Alert Message --> Quoting runs in the background --> quoting completes --> Unlocks --> creates activity --> clicking activity page shows the quote

What is a contingency?

Sometimes a policy is opened but issuance is dependent on the delivery of another piece of info (ex. report card)

Activity Patterns

Standardize the way PC created activities

What is 2 step quoting

Step 1 - Validates the policy data/rates the policy Step 2 - completes the post rating tasks like generating forms and raising UW issues. This process waits for the user to accept the quote if they are satisfied Instead of the "Quote" button, you will see a "Rate" button in the first step In base configuration, 2 step quoting is available for Commercial Property

Blocking point

Stops the progress of a job until an issue is approved (some issues can be informational (non-blocking)

Document Management System

Store documents stores the doc itself and a meta file (info about the document, like Author) Each doc has a MIME type (tells you whether you can use Word, Adobe, etc to open the file)

Which policy jobs can not be out of sequence?

Submissions, renewals, and audits

How can managers and supervisors see what is going on with the users in their groups?

The Team Tab allows them to see all jobs and activities grouped by time and status. They can mass reassign activities, and jobs, and can view policy transactions by role or activity Can view by role or by activity

What are rate routines?

The algorithms to calculate the premium. Defines steps to calcualate the cost of coverage (contains logic and math)

What is Rate flow?

The logic in the rate engine. This orchestrates the premium calculation for a policy

What is rating?

The process of determining the cost of a policy

What are rate tables?

The rating content in a lookup format. Contains static rates in a table format

Clauses and subclauses

These are groups of coverages A clause can have 1 or 0 parents clauses A clause can have multiple subclauses of multiple levels

Components of UW authority

UW Issue - a specific occurance on a policy transaction where an UW condition was true. Created when a condition gives undesirable results based on data on the policy or account. These can stop jobs until approved UW Rule - Describes how the policy transaction is affected by the UW issues and how issues can be approved. Rules include conditions which will raise an UW issue Authority Grant - The ability to approve UW issues and to what degree Authority profile - a group of authorities that can be given to a user, allowing the user to approve UW issues

How to delegate role management to external users

Use the "User admin role" The can have access to ao build groups, org and permissions for their own orgs but not others

What is an out of sequence transaction?

When a change is made after the first one is bound but is supposed to go effective before the first change (if no conflict, PC will merge the changes, if there is a conflict, the user decides what to keep)

Process for rating

When you quote, PC will invoke the rating engine, which selects a rate book The rating engine calls a rate routine for the cost of a specific item The engine then puts together a worksheet with the calculated results

What is included in Premium Report Base Configuration (1)

Worker's Comp

Rewites

You must cancel a policy to rewrite it Full term rewrite (discards the original policy and policy term) Mid term rewrite (retains part of the original policy)

Activity queue

an activity repository assocaited with the group so people can go in and assign themselves the next activity in the queue (need the Actqueuenext permission)

Generic Schedule

data model that stores schedule info in a generic way can be easily created and edited in Product Designer and can be defined in Product Model XML files

Parallel rating

rates coverables in parallel using multiple threads