Quote and Bind Engine

Generating Quotes

The Quote and Bind Engine streamlines the journey from initial enquiry to policy inception. Users create a new quote by selecting the appropriate product line, entering risk details through guided forms, and allowing the rating engine to calculate the premium. The system supports multiple quote versions, enabling brokers and underwriters to compare different coverage options side by side before proceeding to bind.

Pricing and Premium Calculation

Premium calculations are driven by the rules engine and can incorporate base rates, experience modifications, fleet loadings, claims surcharges, and volume discounts. Each calculation produces a transparent breakdown showing how the final premium was derived, which can be included in the quote documentation sent to the broker or policyholder.

• Support for annual, monthly, and flexible instalment payment plans

• Configurable taxes, levies, and broker commission structures per product

• Multi-currency quoting for international programmes

• Quote expiry management with automated follow-up reminders

Binding Coverage

Once a quote is accepted, the bind action converts it into an active policy. The system generates all required documentation, triggers premium collection workflows, and updates aggregate exposure trackers. Binding can be performed manually by an underwriter or automatically via API for digital distribution channels. Post-bind, the policy enters the administration lifecycle for ongoing management.