Quote Exits

When requesting a quote, an institution will review the application to determine if the applicant is eligible for coverage. An institution could determine that an applicant is ineligible for a number of reasons, such as the applicants claims history or exposure to certain risks.

As you can imagine, many of these decisions are pre-determined. For example, an institution may have decided that they will never offer coverage to applicants based in Alaska. In this case, once an applicant has communicated that they are based in Alaska, filling out the rest of the application can seem like a waste.

Quote Exits at Herald

If Herald is aware of these decisions, we communicate them via [.h-code]quote_exits[.h-code] in the application. Essentially, quote exits communicate that based on values you have already submitted, Herald can confidently say that the quote is going to return in a negative status of either [.h-code]declined[.h-code] or [.h-code]unsupported[.h-code].

In the example above, we talked through a product that is not available in Alaska. Let’s say you are filling out an application for this products, and it has 20 required questions (parameters). If the very first question you submit is the applicants home state, which is Alaska, you will receive a quote exit. Below is an example to show how this would be communicating after using [.h-code]PUT[.h-code] [.h-code-link]/applications[.h-code-link]:

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{
  "quote_exits": [
    {
      "product_id": "prd_0010_herald_general_liability",
      "status": "declined",
      "status_details": [
        {
          "status_text": {
            "applicant_facing_text": "This quote was declined because coverage is not available in Alaska.",
            "agent_facing_text": "This quote was declined because coverage is not available in Alaska."
          },
          "source": "herald"
        }
      ]
    }
  ],
  "application": {
   .....
   }
 

As you can see, the quote exit communicates that for the product [.h-code]prd_0010_herald_general_liability[.h-code], the status is going to be [.h-code]declined[.h-code]. The reason for this pre-determined decline is communicated in the [.h-code]status_text[.h-code], in both an applicant and agent facing version. In this example, the reason is: “This quote was declined because coverage is not available in Alaska.”

An application can result in multiple quote exits, for multiple products or for the same product. For example, an applicant could be declined for both their state and their profession, and this could be consistent across multiple products in the application.

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After a Quote Exit

Once an application has received a quote exit, parameters that are relevant for the exited product become optional. This allows applicants to save time, only answering the remaining questions that are relevant for non-exited products. This is communicated using the [.h-code]required_for[.h-code] property.

Using the example above, let’s say you have an application for 2 products: [.h-code]prd_1[.h-code] and [.h-code]prd_2[.h-code]. The product that will receive a quote exit for an applicant in Alaska is [.h-code]prd_1[.h-code]. Prior to updating the application, submitting the value for the applicants state, the parameters in the application would look like this:

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{
  "application": {
    "risk_values": [
      {
        "risk_parameter_id": "rsk_1rdc_home_state",
        "value": null,
        "relevant_products": [ "prd_1", "prd_2" ],
        "required_for": [ "quote" ],
      },
      {
        "risk_parameter_id": "rsk_t0a4_current_liabilities",
        "value": null,
        "relevant_products": [ "prd_1"],
        "required_for": [ "quote" ],
      },
			{
        "risk_parameter_id": "rsk_0bi6_net_income",
        "value": null,
        "relevant_products": [ "prd_2"],
        "required_for": [ "quote" ],
      },
    ]
  }
}
 

In the example above, you can see 3 total parameters, all of which are [.h-code]required_for[.h-code]: [.h-code]quote[.h-code].

• [.h-code]rsk_1rdc_home_state[.h-code] is relevant for both products
• [.h-code]rsk_t0a4_current_liabilities[.h-code] is only relevant for Product 1 ([.h-code]prd_1[.h-code])
• [.h-code]rsk_0bi6_net_income[.h-code] is only relevant for Product 2 ([.h-code]prd_2[.h-code])

Once you submit the value of [.h-code]AK[.h-code] for home state, the application will contain a quote exit for Product 1. Since it has been determined that the applicant will receive a [.h-code]decline[.h-code] for Product 1, parameters for that product are now optional:

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{
  "application": {
    "risk_values": [
      {
        "risk_parameter_id": "rsk_1rdc_home_state",
        "value": "AK",
        "relevant_products": [ "prd_1", "prd_2" ],
        "required_for": [ "quote" ],
      },
      {
        "risk_parameter_id": "rsk_t0a4_current_liabilities",
        "value": null,
        "relevant_products": [ "prd_1"],
        "required_for": [  ],
      },
      {
        "risk_parameter_id": "rsk_0bi6_net_income",
        "value": null,
        "relevant_products": [ "prd_2"],
        "required_for": [ "quote" ],
      },
    ]
  }
}
 

In the response above, after receiving the quote exit:

• [.h-code]rsk_1rdc_home_state[.h-code] is still required for quote, because it is relevant for both products.
• [.h-code]rsk_t0a4_current_liabilities[.h-code] is no longer required, because it is only relevant for product 1 which is going to be [.h-code]declined[h-code].
• [.h-code]rsk_0bi6_net_income[.h-code] is still required for quote, because it is relevant for product 2.

You can choose to hide these optional values, or continue to show them while communicating that even after submitting values, the applicant is going to be declined. This way, the applicant won’t waste time answering additional questions when the quote status has already been determined!

[.icon-circle-blue][.icon-circle-blue] To learn more about quote exits, please reach out to our team at hello@heraldapi.com.