Generation and Version of Policy Products
Use
The generation and version of a policy product are used as follows:
Generation |
The generation of a policy product is used if you are creating a new variant of a policy product. If a policy product is being mapped for the first time in the system, a new generation is created automatically. Changes to the generation of a policy product are usually a result of the product policy of an insurer. Business aspects are mostly the reason for the change. |
Version |
The version of a policy product is used if technical changes are made to the policy product. A change to the version does not involve a change to the generation as well. Changes to the policy product version are usually the result of legal regulations that apply to insurance companies. |
Structure
A policy product can have multiple active generations, and multiple versions can be valid for an active generation.
Integration
If you change a policy product , consider the following:
New Version of the Policy Product
Changes that are to apply to all claims that occurred after a certain date lead to new versions of the policy product.
The old version is valid for claims before this date, and the new version for all claims after this date.
New Generation of the Policy Product
Changes that are to apply to all claims whose contracts is renewed after a certain date lead to new generations of the policy product.
The old generation is valid for claims with a contract renewal before this date; the new generation is valid for all claims whose contract renewal was after this date.