https://www.insurerbrain.com/w/index.php?action=history&feed=atom&title=Definition%3AQuotation 2026-04-29T16:52:36Z Revision history for this page on the wiki MediaWiki 1.43.8 https://www.insurerbrain.com/w/index.php?title=Definition:Quotation&diff=9713&oldid=prev 2026-03-11T05:43:56Z

<p>Bot: Creating new article from JSON</p> <p><b>New page</b></p><div>📋 &#039;&#039;&#039;Quotation&#039;&#039;&#039; in insurance is a formal or semi-formal offer from an [[Definition:Insurance carrier | insurer]] or [[Definition:Underwriter | underwriter]] that specifies the [[Definition:Premium | premium]], [[Definition:Coverage | coverage]] terms, [[Definition:Deductible | deductibles]], [[Definition:Exclusion | exclusions]], and conditions under which a particular [[Definition:Risk | risk]] would be accepted. It serves as the pivotal document in the pre-bind negotiation between the insured (or their [[Definition:Insurance broker | broker]]) and the carrier, translating the [[Definition:Underwriting | underwriting]] assessment of a [[Definition:Submission | submission]] into a concrete commercial proposition.<br /> <br /> ⚙️ The process begins when an [[Definition:Insurance broker | broker]] or applicant submits [[Definition:Risk | risk]] information — often via a [[Definition:Submission | submission]] form or digital [[Definition:Application programming interface (API) | API]] call — to one or more [[Definition:Underwriter | underwriters]]. The underwriter evaluates the data against [[Definition:Underwriting guidelines | underwriting guidelines]], applies [[Definition:Rating | rating]] factors, consults [[Definition:Loss history | loss history]] and [[Definition:Exposure | exposure]] models, and produces a quotation outlining the offered terms. In commercial lines, quotations frequently go through several rounds of negotiation: the broker may request adjustments to [[Definition:Sublimit | sublimits]], [[Definition:Retention | retentions]], or [[Definition:Endorsement | endorsements]], and the underwriter responds with revised quotes. In personal lines and small-commercial segments, the process is increasingly automated through [[Definition:Quoting platform | quoting platforms]] that return indicative or bindable quotes in seconds.<br /> <br /> 💡 A quotation is not yet a contract — it becomes one only when both parties agree and the [[Definition:Binding | risk is bound]]. Still, it carries significant weight. Once issued, a quotation establishes the terms a carrier is willing to offer, and in many markets it remains valid for a stated period, during which the underwriter is commercially expected to honor it. For [[Definition:Insurance broker | brokers]], securing competitive quotations across multiple markets is the core of their value proposition. The shift toward digital quotation workflows has reshaped market expectations around speed and transparency, with [[Definition:Insurtech | insurtechs]] and tech-enabled [[Definition:Managing general agent (MGA) | MGAs]] using real-time data and [[Definition:Predictive analytics | predictive analytics]] to compress what once took days into minutes.<br /> <br /> &#039;&#039;&#039;Related concepts:&#039;&#039;&#039;<br /> {{Div col|colwidth=20em}}<br /> * [[Definition:Submission]]<br /> * [[Definition:Quote-to-bind]]<br /> * [[Definition:Indication]]<br /> * [[Definition:Premium]]<br /> * [[Definition:Underwriting]]<br /> * [[Definition:Binding]]<br /> {{Div col end}}</div>

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