One of the most important parts of configuring Insly is to set up the products you work with. When you log in to your Insly account for the first time you already have a few example products added (Home & Property, Motor insurance, Travel insurance etc.), but here you can read about adding your products to Insly.
How to add a new product
Setting up the new product
To add a new product, go to "System management" by clicking on the "settings" button on the upper right corner. Then, from the left side, click on "Products" and a list of your products appears.
To start adding a new product, click on "+" button and a new window opens. You are required to add a name and a short name for your product, everything else is for you to choose.
Below is a short guide to what each of the options means.
- Product Group - you can select a Product Group (needs to be created from Product Groups first) to visually better distinguish between your products.
- Object type - object types are used to distinguish between different types of insured assets normally used in P&C insurance. You can select between object types you have defined (3 by default: Person, Private Property, Vehicle), but you can also select "none" if objects are not needed (e.g. for Liability or Credit insurance it probably does not make sense to add objects). You can read more about object types and how to add them here.
- Multi-object - select "yes", if the policy can cover more than one object. Select "no", if policy only covers one object or if objects are not used at all (e.g. Credit Insurance, Liability insurance, etc.).
- Renewable - yes/no choice. Some products (like Travel insurance, for example) can be non-renewable.
- Coverage form - this determines what information you capture under a policy. You can choose to include any of the 3 standard fields or you can create completely custom data capture form for your products.
- Tax Scheme - if certain taxes apply for this product, read this article about linking taxes to products.
Have added your first product? Great! Now see the next article about how to customize product fields!