Improving performance with two-step quoting
With two-step quoting, the first step validates the policy data and rates the policy, generating all cost and premium information, and bringing the policy period to Rated status. The second step completes post-rating tasks, such as generating forms, checking reinsurance, and raising underwriting issues. If the second step is successful, the policy period is then in Quoted status. With two-step quoting, you can delay or omit the second step entirely. For example, when working with multiple versions of a policy transaction, an underwriter does not need to generate forms, reinsurance, or underwriting issues for the policy until a specific version is chosen. Or in high volume quoting, only the actual price of the policy is relevant so it is unnecessary to do post-rating tasks. In the base configuration, two-step quoting is enabled for the commercial property line of business, but can easily be enabled for the remaining lines. Side-by-side quoting in personal auto uses two-step quoting. High volume quote requests use two-step quoting for all lines of business.
Lines of business
In the base configuration, two-step quoting is enabled for the commercial property line of business. When two-step quoting is enabled in PolicyCenter, instead of a Quote button, a Rate button appears in policy transactions when the policy period is in Draft status. Click Rate to generate the premium for the policy and bring it to Rated status. After rating completes, execute post-rating tasks by clicking Quote to bring the policy to Quoted status.
You can try out two-step quoting by starting a commercial property submission.
Two-step quoting can easily be enabled in the other lines of business in the base configuration. In the base configuration, all lines of business are configured for two-step quoting.
Side-by-side quoting
When two-step quoting is enabled in side-by-side quoting, selecting in a policy transaction brings all the generated versions to Rated status, displaying the premium for each. Selecting a version that is in Rated status executes the post-rating tasks for that version only, bringing it to Quoted status and taking you to the Policy Review screen for the selected version. If you make a change to any side-by-side version, that version returns to Draft status. If any version is in Draft, the Side-by-Side Quoting screen displays a Rate All button so that the new premium(s) can be generated, again bringing all versions to Rated status. Selecting a Draft version brings you to the Policy Review screen for that version with it still in Draft status. Depending on whether two-step quoting is enabled generally for the particular line-of-business, you can at that point either Rate or Quote the policy version.
High volume quote requests
High volume quote requests use the two-step quoting feature for all
lines of business. When the quote-only instance generates a quote, only the first step is
executed because all that is required at that point are the costs and premium for the
policy. This brings the policy period to Rated status. If the quote is
later brought into the PolicyCenter system of record (SOR), PolicyCenter performs the second
step of two-step quoting, which executes the post-rating tasks. If successful, PolicyCenter
raises the policy period to Quoted
status.