Product settings

Product settings are configurable settings that apply across all of the products within a given hierarchy.

To access product settings:

  1. In the BriteCore menu, select Lines.
  2. In the Lines of Business list, select the applicable line of business.
  3. On the Line Overview screen, select the product you want to edit.
  4. On the Product Overview screen, select Edit Product.

Note: Product settings can be modified only at the root product within a given hierarchy. For descendant products within the hierarchy, the settings will be read-only.

Policy term options

The policy term lengths available for quoting. Currently, BriteCore only allows terms to be defined in years or months.

Note: The default policy term length is one year.

Base term

The base term length in which the rates are configured.

Note: The default Base Term length is one year.

Base term examples

1 Year Base Term

  • Effective Date = 1st January Calculated Premium = $100 Term = 6 Months Final Premium = $49.59 (Leap years = $49.73)
  • Effective Date = 1st January Calculated Premium = $100 Term = 1 Year Final Premium = $100

6 Months Base Term

  • Effective Date = 1st January Calculated Premium = $100 Term = 1 Year Final Premium = $201.65 (Leap years = $201.09)
  • Effective Date = 1st January Calculated Premium = $100 Term = 6 Months Final Premium = $100

Renumber risks

The Renumber risks setting is used to indicate which policy transactions will renumber the risks on a policy.

Renumber risks options:

  1. Endorsement
  2. Renewal

Note: You can select both options at a time.

Example:

A product can be configured to renumber risks during:

  • Only endorsement transactions.
  • Only renewal transactions.
  • Both endorsement and renewal transactions.

Use case

A common risk numbering requirement is for a vehicle risk on a personal auto policy.

Numbering requirements:

  • Each vehicle has a number.
  • Vehicle numbering starts with 1.

Numbering is used to identify vehicles in:

  • Declarations.
  • Claims documents.
  • Reports.

Note: In certain documents, a vehicle might be referred to only by number.

For more information, see Renumbering risks.

Sequences

The Sequences setting allows risks to be grouped for numbering purposes.

Note: Sequences can be configured only at the root product level. Users can’t add or modify sequences in descendant products.

Use case

Some personal auto implementations configure separate risk types for each vehicle type.

Example:

There is a risk type for each of the following risks:

  • Private passenger
  • Antique autos
  • Golf carts

In this case, it’s common for the carrier to want to group all of the vehicle type risks for the purpose of numbering.

Add, edit, or delete a sequence

Note: You can add sequences only to parent products.

To create a sequence:

  1. In the BriteCore menu, select Lines.
  2. In the Lines of Business list, select the applicable line of business.
  3. On the Line Overview screen, select the product you want to edit.
  4. On the Product Overview screen, select Edit Product.
  5. On the Sequences tab, select Add Sequence, and then, under Create Sequence, complete the following steps:
    1. In the Label box, type the name of the sequence group.
    2. Select the Reference Name box, and when the Label name appears as one word in camel case, either keep it or add a unique name (with no spaces).
    3. In the Risk Types menu, select one or more risk types to include in the sequence group.

      Note: In the Risk Types menu, you will see only the root-level risk types configured within the product.

    4. If you receive the message The following Risk Types will be removed from previous sequences, you have selected a risk type already in another sequence and must complete one of the following steps:
      • To remove the risk type(s) from their current sequence group(s) and add them to the sequence group you’re creating or modifying, select Yes.
      • To keep the risk type(s) in their original sequence group(s) and decline to add them to the sequence group you’re creating or modifying, select No.
  6. Select Save Sequence.

To edit a sequence:

  • Select the sequence you want to edit, make the necessary changes, and then select Save Sequence.

To delete a sequence:

  • Select the sequence you want to delete, and then select Delete Sequence.