Quote & Bind Assistant
Delivers instant policy quotes and automates digital binding
Description
Challenge Traditional quote and binding processes are often fragmented, requiring manual calculations, offline consultations, and follow-ups for document collection, consent, and payment. These friction points slow down the quote-to-issue cycle and reduce conversion rates. The Quote & Bind Assistant eliminates this inefficiency by capturing customer data, generating real-time quotes, and guiding users through a fully digital binding workflow—making it seamless, fast, and compliant.
How It Works The agent initiates once a prospect requests a quote via chatbot, web portal, or agent app. It collects key inputs such as age, income, lifestyle habits, and occupation. Using embedded product logic and rate cards, it generates accurate premium estimates instantly. The user is shown suitable coverage options and comparisons. Once a plan is selected, the agent triggers digital binding steps—capturing consent, initiating payment, and recording e-signatures. Standard-risk cases are auto-approved and bound; complex ones are routed to underwriters. All quote and bind decisions are logged in the system for audit and analysis.
Benefits
Reduces quote-to-bind time from 24 hours to under 30 minutes
Delivers 95% accurate quotes for standard-risk scenarios
Automates 80–90% of quoting and binding workflows
Boosts quote-to-policy conversion rates by up to 50%
Ensures full digital compliance for payment and signature processes
Minimizes underwriter involvement for low-risk profiles
Provides auditable decision records for all quote outcomes
Features
The Quote & Bind Assistant empowers customers to explore, compare, and bind policies in a guided digital journey. By combining product rating logic, underwriting checks, and binding workflows, it simplifies the buying experience and accelerates policy issuance—without compromising on compliance or accuracy.
Features & Capabilities:
Real-Time Quote Generation: Instantly calculates premium based on user inputs and product rules
Product Comparison Display: Offers side-by-side plan options with benefits and cost differences
Risk-Based Adjustments: Modifies quote dynamically based on smoking status, BMI, or occupation
Rider Eligibility Checker: Ensures selected riders match customer profile and base policy rules
Binding Workflow Automation: Captures consent, payment, and e-signature in one seamless flow
Auto-Bind Logic: Approves low-risk, compliant cases without manual review
CRM & Issuance Sync: Updates customer profile and policy status in real time
Payment Integration: Connects with UPI/wallet/payment gateways for premium collection
Quote Expiry Handling: Applies time-bound validity for quotes with reminder triggers
Audit Trail Generator: Records all steps from quote to bind for future reference"
Eligibility Logic
Decision Logic Flow:
The assistant evaluates inputs across rating, underwriting, and binding dimensions to provide accurate quotes and complete the policy lifecycle digitally. Each rule ensures the customer is shown only valid options and proceeds through a compliant binding journey.
Key Logic Pathways Followed:
Quote Eligibility Rule → Only eligible users (based on age, income, geography) can access specific product quotes.
Smoking & Lifestyle Impact → Risk factors like smoking or high BMI trigger premium modifiers or rider exclusions.
Occupation Mapping Rule → Hazardous occupations may limit product access or increase quote values.
Binding Approval Rule → Standard risk with sum assured below threshold = instant approval; others routed to UW.
Payment Confirmation Rule → Binding is finalized only after successful payment and digital signature completion.
Rider Validation Rule → Validates optional riders based on customer’s age, base plan, and underwriting guidelines.
Quote Validity Rule → Unused quotes expire after 15 days; reminders sent before expiry
