| A
leading solution from the stables of our Agency Management
Systems (AMS). eQuote’s functionality is focused on
quoting engines (dynamic in nature) as well rating engines
(for comparing the quotes).
It can be seamlessly integrated with multiple
insurance company systems – enabling the user to compare
quotes from multiple insurance companies.
eQuote can handle multiple lines
of businesses and can be integrated with back office applications.
In a typical scenario, the following components are incorporated
with our eQuote web-service application
| 1. |
Home Page |
| |
Allows the client logo and branding
details, this would be defined in the eQuote configuration
file.
|
| 2. |
Login & User Password |
| |
- The user must exist
within agency management system.
- No form of user configuration exists for this component.
|
| 3. |
Prospect & Client Details (optional) |
| |
Due to the nature
of names of different nationalities, a search facility
provides the following information: Client
Search Name
Client Full Name
Date of Birth
Mobile Phone Number
Bank Account Number
|
| 4. |
Insurance Risk Type |
| |
The information
pertaining to the client / prospect once obtained, the
user would be able to generate Quote details.
A. Enables viewing existing Policy Details for the Prospect
/ Client, Outstanding Quotations and existing Policies.
Ability to amend the outstanding Quotes or add a Renewal
Quotation. B. Where
the Policy does not previously exist, a New Quote can
be requested. The data to the first field to be entered
will relate to the Type of Risk, which is required.
The web-service invokes the standard agency management
system Web Interface for the selected Risk.
|
| 5. |
Web Interface |
| |
The Web
Interface administration is a component of agency management
system, which selects to calculate the Premium once
the base Product information has been recorded.
It invokes the Rating Engine to
provide the calculated Premium, Referral or Decline.
|
| 6. |
Premium and Benefit Details |
| |
The Premium Calculation provides
all the various data collected from the Web Interface
to the Auto Rating engine.
The Auto Rating Engine provides an XML response to eQuote.
Providing the Premium, Referral Reason, Reason for being
Declined or a message that “Insufficient information
was provided for Rating”. This information is provided
for each Insurer Product.
In addition, a comparison of the Benefits is also provided.
|
| |
|
| |
A. Proceeding with either the Quote or conversion to an
Invoiced Policy this is communicated to agency management
system via eLink (which is used to synchronise the data
between two connected systems – eQuote and the existing
Agency Management System). This will support the Diary
Workflow within agency management system in relation to
the following stages of a Quote/Invoice: -
Quotation Pending
- Quotation Awaiting Client Documents
- Quotation Awaiting Payment
- Policy Documentation Outstanding from the Insurer
B. Where a Referral has been recorded
for a specific Insurer Product Type, the user will be
provided with the option to provide a Manual Override
Premium. This will only be provided where a Referral
Reason is displayed.
C. No form of user configuration
exists for this component apart from the Number of Insurer
Products and Benefits. These will both be restricted
to a maximum of ten, due to the screen configuration
/ landscape restraints.
|
| 7. |
Documentation |
| |
eQuote provides the ability to print
the Quotation Slip for New or Renewal covers to the client.
Once Payment has been received, the Invoice and Insurer
Closing documentation can also be requested. All other
forms of documentation must be requested from agency management
system. No form of user configuration exists for this
component within eQuote apart from the Documentation options,
which exist within agency management system.
|
| Rating Administration
The Rating Administration
can be utilised by Managers / Administrator’s
only.
The Rating Administration will provide
the ability to record the Rating Rules as follows:
• Define the rules and variables
required to Auto Rate the Premium for each Insurer Product
Type.
• Allow the ability to record
calculation fields used for the Auto Rating, i.e. Sum
Insured calculation.
• Define the Reasons for Referral
for each Insurer Product Type.
• Define the Reasons for Decline
for each Insurer Product Type.
• Define the Benefits each
Insurer Product Type provides to the overall Risk. This
will be used as a comparison against other Insurer Product
Types.
The Rating Administration
will be defined for each Risk and then each Insurer
Product Type.
|
Auto Rating
Engine
The Auto Rating engine
will be on the Rating Rules as defined in the Rating Administration.
The Auto Rating engine will interact
directly with eQuote to determine the variables from
the Web Interface required for the Auto Rating. Once
the data is obtained, the Auto Rating Engine will perform
the following for each Insurer Product Type:
• Display Benefit comparison
• Calculate values (i.e. Sum Insured)
(This component is not a “must-have” for
Phase One, as the Purchase Price and Depreciation rates
may be difficult to obtain)
• Calculate Premium
• Display Referral Reasons
• Display Reasons Declined
The Auto Rating engine will process each variable to
determine the final Premium, Referral, and Reason for
Decline or Benefits for each Insurer Product. Once determined,
this information will be communicated back to eQuote
in an XML format.
|
| For more information
contact us at services@ebix.com
|
|
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