UbiquitousLanguage
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A Raw Data Element is a piece of data that is collected from a customer or another data source that has not be manipulated or changed by InsuranceCo.
Marital Status and Year, Make, Model, and VIN are examples of raw data element
A Date of Birth is a raw data element, but Age may or may not be - depending on how it is acquired.
- A Characteristic is the core building block of a product definition
- A Characteristic is constructed from one or more raw data elements based on mapping and transformation
- Characteristics are immutable (a characteristic does not change once it is derived, a set of characteristics will always produce the same results in rating)
- Characteristics are the only inputs to the "calculator" (not raw data, although raw data could be a characteristic if no transformations apply)
- Characteristics are referenced directly in formulas or factor tables (and don't need to be transformed again before this process)
- RAD models raw data to determine the rules that define a characteristic
- RAD defines a product model based on characteristics as the input
- Characteristics will have versions that are specific to a Product Version. If a Characteristic changes and is a new version, a new Product Version must be established to implement it.
RatedMaritalStatus and RatedVehicleType are examples of characteristics
HouseholdCompositeIndex is not a Characteristic
- A Feature is a made up of one or more Characteristics that define a specific insurance product concept.
- A Feature is defined within the rating and placement engine itself based on one or more Characteristics
- A Feature uses characteristic values to determine a specific Rate Factor to be used within the overall Rate Order Calculation. Tier Placement will follow the same process but may use different words instead of Rate Factor and Rate Order Calculation to describe the values and calculation steps to determine a tier.
- Multiple Features may use the same Characteristic available within the rating engine to reach a Rate Factor (ex. Driver Age may be used in multiple Features)
- A Feature will have versions that are tied to a specific Product Version
HouseholdCompositeIndex is a feature that is modeled in the engine based on the characteristics, Named Insured Marital Status, Named Insured Gender, Number of Driver, Number of Drivers other than the Named Insured (PURE/REVO)
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Product Version is a collection of specific Characteristic definitions, Feature definitions, Rate Factors, and Rate Order Calculations that relate to a specific filed version of a product with effective dates.
Placement is the process of using characteristics to determine a specific classification of insurance risk. Placement can be used in a general context (determine risk) and also refer to more specific definitions such as Company Placement and Tier Placement. Placement for both Company and Tier may impact business rules and decisions outside of the placement process (such as rating or eligibility/business rules within other business processes).
The logical grouping of business functions. A bounded context has the data and business rules for a business capability.