Policy Life Cycle – Declined/Not Taken Up Quotes

Policy Life Cycle 
Declined/Not Taken Up Quotes 
 
Declined and Not Taken Up Quotes are two sides of the same coin in the insurance market. But they tell different things. 
 
A spike in declined quotes could indicate increased competition, tightening of underwriting standards, or market shifts, while a spike in not taken up quotes could be a sign of price sensitivity, inadequate marketing strategies, or an inadequate product offering.  
 
Keeping an eye on these market indicators can help insurers stay competitive and meet the needs of the Insureds while keeping the relationship with Brokers in a good condition.
  
This is why Insurers need to figure out how to monitor their quotes and label them correctly. Otherwise, how can an Underwriter see any spikes in declined / not taken up quotes in time to draw conclusions and adjust the offer? 
 
Our expert Bart Wabiński had an opportunity to gather requirements and build a series of MI reports for Property and Casualty to tackle this exact issue and significantly reduce the number of idle quotes. If given the opportunity to continue the project, he would like to see the full automation of it and even better streamlining of the whole process.  
 
Don’t hesitate to ask him for details if you would like to know how to implement similar solutions in your organization.