How are decisions on prices translated into the quotes provided to customers?

This embraces several strands of the operation....

• How has the rating system been designed and what compromises have been made between accuracy, speed, flexibility, and maintainability?
• How much flexibility are sales staff allowed in varying prices or other terms? How is such flexibility controlled?
• How is accurate data collected to properly price the risk? This includes the use of internal and external data to verify the risk characteristics or enhance the data available.
• What measures are in place to reduce fraud by customers, intermediaries or staff?
• If you sell via aggregators, can you accurately obtain the data you require from their question sets?

It also covers the presentation of the proposition to customers. There is a lot of evidence that customers respond differently to the same proposition depending upon how it is presented. So, for example

• What are the default cover, excess, and limits offered to customers?
• What additional covers are optional?
• How are discounts, or special offers promoted to customers?