View source for Definition:Request for information (RFI)

📨 '''Request for information (RFI)''' is a formal document issued by an insurance organization — typically an [[Definition:Insurance carrier | insurer]], [[Definition:Insurance broker | broker]], [[Definition:Managing general agent (MGA) | MGA]], or corporate risk department — to solicit background information, capabilities, and qualifications from prospective vendors, service providers, or [[Definition:Reinsurer | reinsurance]] partners before entering into a more detailed procurement or selection process. In the insurance and [[Definition:Insurtech | insurtech]] ecosystem, RFIs are commonly used when evaluating [[Definition:Policy administration system | policy administration systems]], [[Definition:Claims management system | claims platforms]], [[Definition:Actuarial software | actuarial modeling tools]], [[Definition:Third-party administrator (TPA) | third-party administrators]], outsourcing providers, or technology partners. Unlike a [[Definition:Request for proposal (RFP) | request for proposal]] or a [[Definition:Request for quotation (RFQ) | request for quotation]], an RFI is exploratory — it does not ask for pricing or binding commitments but instead gathers enough intelligence for the issuing organization to narrow the field and determine whether a formal procurement is warranted.

🔧 An insurer issuing an RFI typically structures the document around several sections: company overview and financial stability, relevant industry experience, technical capabilities, data security and [[Definition:Regulatory compliance | regulatory compliance]] posture, and reference clients within the insurance sector. For example, a mid-market [[Definition:Property and casualty insurance | property and casualty]] carrier exploring a [[Definition:Core system modernization | core system replacement]] might issue RFIs to a dozen technology vendors, asking each to describe their platform architecture, deployment model (cloud-native versus on-premise), integration capabilities with existing [[Definition:Bordereaux | bordereaux]] and [[Definition:Data warehouse | data warehouse]] infrastructure, and experience with similar-sized carriers. Respondents submit written answers by a stated deadline, and the issuing organization's evaluation team — often comprising representatives from underwriting, IT, operations, and finance — scores the responses to create a shortlist. That shortlist then advances to the [[Definition:Request for proposal (RFP) | RFP]] or [[Definition:Request for quotation (RFQ) | RFQ]] stage, where detailed solution design and pricing are requested.

📊 Far from being mere bureaucratic paperwork, well-constructed RFIs save insurance organizations considerable time and money by filtering out unsuitable candidates early, before the resource-intensive phases of product demonstrations, proof-of-concept work, and contract negotiation begin. They also establish a documented, defensible selection process — an increasingly important consideration for insurers subject to [[Definition:Corporate governance | governance]] requirements under frameworks like [[Definition:Solvency II | Solvency II]]'s outsourcing guidelines or the NAIC's Corporate Governance Model Act, which expect due diligence and transparency in material vendor relationships. For vendors and [[Definition:Insurtech | insurtechs]] responding to RFIs, the process represents a critical business development opportunity, and the quality of a response often determines whether they advance to compete for significant contracts. As the insurance industry's reliance on external technology and service partners deepens, the RFI has become a routine but strategically important step in the procurement lifecycle.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Request for proposal (RFP)]]
* [[Definition:Request for quotation (RFQ)]]
* [[Definition:Vendor management]]
* [[Definition:Core system modernization]]
* [[Definition:Outsourcing]]
* [[Definition:Third-party administrator (TPA)]]
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