A policy is a finalized and legally binding agreement between the insurer and the customer, based on a previously created and approved quote. It defines the terms of insurance coverage, including premium, insured object, and validity period.
- Issuing: A policy is a legally enforceable insurance contract issued after a quote has been approved and bound.
- Finalized: Once issued, a Mid-term Adjustment (MTA) or a Termination can be performed based on the defined business rules.
- Tracked: Policies have unique identifiers, issuance dates, and can be versioned in case of changes.
- Covered: A policy activates insurance coverage starting from
dateInceptiontodateExpiry. - Documented: Each policy normally generates official documentation such as the e.g. a policy certificate or an invoice document.
- To legally activate insured item coverage under agreed terms.
- To provide customers with documents like a certificate and invoice.
- To control and monitor the active insurance state, including renewals and changes.
- To handle claims, terminations, or adjustments throughout its lifetime.
Policy Issuance
- Executed via the
/issueendpoint, transforming a quote into a legal policy.
- Executed via the
Mid-term Adjustment (MTA)
- Changes to an active policy can be made through the Mid-term Adjustment (MTA) process or if the change doesn't affect risk details there can also be a possibility to add data through the technical MTA process.
Termination
- A policy can be cancelled early using the
/terminateendpoint.
- A policy can be cancelled early using the
Renew
- A policy can be renewed.
Technical MTA (tMTA)
- Policy data can be changed or extra documents can be attached to an already issued policy.
| Feature | Quote | Policy |
|---|---|---|
| Purpose | Proposal or draft | Binding agreement |
| Editable | Yes | Only limited fields after issue |
| Validity Period | Has an expiration | Has active coverage dates |
| Document Type | Offer/Proposal (e.g., PDF) | Policy + Certificates |