A quote is an insurance offer which contains all necessary information for calculating, reviewing, and issuing a policy.
It is the starting point of the policy creation process, containing preliminary customer and insured item data, as well as pricing information generated by the system based on available inputs.
Temporary: A quote is not a binding contract but rather a preview or proposal. It may later be bound and issued to become a policy.
Data-Driven: Quotes are based on input data such as risk and coverage details and customer information.
Calculable: Quotes include calculated premiums and fees based on business rules and insurer underwriting logic.
Modifiable: Before binding or issuing, a quote can be edited and recalculated.
Referral-Checked: Quotes undergo referral and risk checks. Some may require manual review based on triggered rules.
- It is a mandatory step before policy issuing.
- To evaluate multiple scenarios (e.g., different coverage periods or deductible levels).
- To allow manual review and adjustments prior to commitment.
- To serve as a formal proposal for a customer, with documentation attached.
Create Quote
Initiated using the Quote Create endpoint. Basic or detailed data can be used.Data Enrichment
Contextual information are automatically enriched (address lookup, sanctions lookup, etc).Calculation
The premium and fees are calculated, either automatically or via manual recalculation.Binding
Once reviewed and accepted, a quote is bound to lock in terms and trigger document generation.Issuing
Bound quotes can be issued into actual policies, assuming all validations pass.
These are the most common requests in use in the quote lifecycle.
| Action Name | Function |
|---|---|
| Create Quote | Creates a new quote. |
| Calculate | Calculates premiums with the current data on the quote. |
| Send Referral | Sends the quote to underwriter or referral process. |
| Generate Document | Creates quote documents. |
| Issue Quote | Issues the policy from the quote. |
| Customer Declined | Marks the quote as declined by the customer. |
| 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 |