Puzzling class codes
New updates and improvements to Herald's API.
Simplifying puzzling class codes
Insurance companies sometimes allow external parties, usually wholesale brokers, managing general agents (MGAs), or managing general underwriters (MGUs) to use their discretion about the risk associated with a specific applicant. In these cases, users of quoting technology must provide values for fields that indicate an estimated level of risk. This release, we enabled and simplified this behavior for a certain set of businesses (which are denoted using “class codes”) when applying for specific general liability products.
Fixes and improvements
In addition to simplifying the experience for these tricky class codes, we also made some other fixes and improvements:
- We created default values for the tricky class codes we mention above to streamline showing median prices in scenarios where users can exercise underwriting discretion.
- One of our carriers requires a business description in order to get a quote under certain circumstances. We updated the value we send in this case from “TBD” to an automatically-generated description that is much more helpful to the carrier.
- We improved our ability to configure which producers and insurance products are available to specific distribution platforms.
- We expanded internal tools that add producers and authenticate them with carriers, which accelerates how quickly we can add our customers’ users and builds a foundation for automating that in the future.