August 31, 2023

Guide to Binding Policies

New updates and improvements to Herald's API.

Bind Documentation and Guides

If you’ve been keeping up with our last few changelogs, you know that we’ve released a number of features related to binding policies. This week, we released our bind documentation. This documentation walks through the entire process of getting policies via Herald, with step-by-step guides for integrating with each endpoint.

Our bind documentation walks through:

  • Filling out Bind Applications: Binding a quote can require additional information unrelated to the applicants eligibility, such as payment information, agreeing to a set of terms and conditions, or uploading a signed application. Bind Applications collect this information required to bind a quote after the institution has already determined that they are willing to insure the business.
  • Submitting Bind Orders: Once you’ve completed a bind application, you can submit a bind order to request a policy. When you submit a bind order, the bind application is sent to the institution to review.
  • Getting Policies: Once a bind order is [.h-code]accepted[.h-code], you can get the details of the policy that was created! Every policy includes a number of policy related files provided by the institution, as well as the policy number, coverage values, and additional metadata about the policy.
  • Completing Policy Actions: After providing a policy, an institution may require you to pay for the policy, upload a file, or answer additional questions. All of these requests are communicated as actions on a policy, which can be completed using the Actions endpoint.

As noted in our previous changelog, Herald currently supports bind for Cyber Insurance and Miscellaneous Professional Liability products. Check back in for new lines of business to support bind in the near future!

Fixes and Improvements

  • We expanded the set of [.h-code]coverage_values[.h-code] we return for cyber policies.
  • We expanded our Management Liability appetite by introducing additional underwriting questions for applicants viewed as large-risk. These questions allow applicants with larger total assets and higher employee counts to get quotes.
  • We added a new input type of [.h-code]agree_to[.h-code] for questions that expect an applicant to agree to a set of terms and conditions.