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    03 — Value stream · VS-440

    Quote-to-Bind

    Carry a request for insurance cover, from an applicant or a broker, through underwriting to a bound, issued and billed policy with reinsurance arranged where needed. Changing or renewing the policy afterward is policy administration; claims start First-Notice-to-Settlement (VS-450).

    • New Business
    • Submission-to-Issue
    • Quote-to-Issue
    • Policy Acquisition
    // FIG. 03 · Stage flow
    1Submit & Clear2Underwrite & Price3Quote & Bind4Issue & Bill5Cede to Treaties
    1. 01

      Submit & Clear

      VS-440.10

      Take the submission, check it is complete, and clear it against other submissions for the same risk.

    2. 02

      Underwrite & Price

      VS-440.20

      Evaluate the risk, check accumulated exposure, apply the rating plan and coverage options, place facultative reinsurance where the risk needs it, and refer anything outside underwriting authority.

    3. 03

      Quote & Bind

      VS-440.30

      Issue the quote and, on acceptance, bind cover from the agreed date.

    4. 04

      Issue & Bill

      VS-440.40

      Issue the policy documents, set up the premium payment plan and record the broker's commission.

    5. 05

      Cede to Treaties

      VS-440.50

      Cede the share of the risk the treaties cover and update accumulated exposure, so retained risk stays within appetite.