Creating Insurance Quotes

In the insurance industry, the creation of quotes is a critical process that bridges the gap between customer interest and policy issuance.

InsurFront simplifies and streamlines this process, making it more efficient and user-friendly. This comprehensive guide will delve into the various stages of creating an insurance quote in InsurFront, highlighting the functionality and importance of each step.

Starting the Quote Creation Process

Initiating a New Quote

The journey of creating a new insurance quote in InsurFront begins on the 'Quotes' page of the user's dashboard. Here, users are presented with the option to initiate a new quote by clicking the '+ New quote' button. This action triggers a popup form with multiple fields, each designed to capture essential information about the potential insurance policy.

Importance of Customer Information

While all fields in this initial form are optional, it is highly recommended to fill in as much information as possible about the prospective customer. This step is crucial for tailoring the quote to the specific needs and circumstances of the customer, thereby increasing the likelihood of its acceptance.

Linking Quotes to Customer Accounts

For Existing Customers

In cases where the quote is being prepared for an existing customer, it is advisable to link the quote to their existing account. This can be accomplished through the 'Existing account' field in the form. Linking the quote to a customer account allows for a more streamlined process and ensures that all customer-related information is accurately reflected in the quote.

Creating Quotes Directly from Customer Accounts

Alternatively, sales agents have the option to generate quotes directly from a customer's account. This can be done by searching for the customer using the universal search field or by navigating to the 'Customers' page and selecting the appropriate customer. From the customer's account, the agent can click on the 'Quotes' button, followed by the 'Add quote' icon, to initiate the quote creation process.

Completing and Preparing the Quote

Once the initial form is filled out and saved, the user is directed to the quote page. Here, the user must prepare the quote by adding relevant products and calculating the insurance premium.

Adding Products to the Quote

The first step in preparing the quote involves selecting the insurance products that the customer is interested in. This selection is critical as it forms the basis of the coverage being offered.

Calculating Premiums for Each Product

After adding the products, the next step is to calculate the premium for each product. This is done by clicking on the 'Calculate premium' button next to each product. A form will appear for each product, which should be completed with the customer's details. This step is vital in determining the cost of the insurance policy and requires accurate information to ensure the premium is calculated correctly.

Finalizing and Sharing the Quote

After completing the premium calculations for all products, the sales agent can finalize the quote. This process might involve adding discounts and obtaining approvals, depending on the company's policies.

Sharing the Finalized Quote

Once the quote is finalized and approved, it can be shared with the customer. This can be done over the phone, in person, or by sending the quote via email for remote review and acceptance. The flexibility in sharing the quote allows for greater convenience for both the sales agent and the customer.

Managing Quote Revisions and Approvals

Creating New Versions of a Quote

If a quote is rejected or needs adjustments, new versions can be created from the quote's page by navigating to the 'Versions' section. This feature ensures that the quoting process is adaptable and responsive to customer feedback and requirements.

Policy Activation

Upon quote approval, policies may be automatically activated, or additional forms may be required, depending on the insurance company's policies. This step marks the culmination of the quote creation process and the beginning of the policy's active period.

Cancelling a Quote

In instances where a quote needs to be cancelled, sales agents can easily do so by clicking the "Cancel quote" button in the quote's header. This option, however, is unavailable if the quote has already been accepted and the policies have been activated.

Quote Versions

In InsurFront, a quote version represents a distinct iteration of an insurance quote that is created under specific circumstances. Unlike continuous adjustments during the initial quote preparation, a new quote version is generated only when changes are made to a quote that has already been finalized. This finalization means the quote has been approved (either automatically or by management, depending on the approval settings) and is ready to be shared with the customer, or has already been shared.

Post-Finalization Adjustments

The creation of a new quote version is triggered when there are adjustments to a quote after it has reached a stage of finality. This situation typically arises when there's a need to update or alter a quote in response to new customer requirements, changes in policy terms, or other relevant factors that emerge after the initial quote has been finalized and communicated.

Ensuring Accuracy and Traceability

Each new quote version serves as a distinct record, capturing the specific changes made after the previous version was finalized. This process ensures that the evolution of the quote is accurately documented, providing a clear and traceable record of how and why the quote has changed over time.

Quote Version Fields

Version Description

This field's content is equivalent to a note, visible only to InsurFront users and not to customers. It can be used to store important information that fellow sales agents and management might find useful, such as an explanation of why a new version had to be created and what changes were made from previous versions.

Memo

If and when the quote is finalized and sent to a customer for review, this note is visible to the customer in both the email and on the quote review page.