Submissions refer to creating and sending a request to an insurance company or underwriter to obtain coverage or a policy for a specific risk or set of risks. On the AI Insurance platform, insureds, brokers, and carriers can create a Submission.

Quotes estimate how much a policy will cost and what it will cover.

In simpler terms, when you apply for an insurance policy through the AI Insurance platform, you start by answering some questions and providing details about what you want to be insured. This process is called a Submission. Based on your details, AI Insurance evaluates the risk, determining how risky it is to insure you, how much to charge, and the coverage that can be offered.

After evaluating the Submission, AI Insurance automatically generates a Quote on behalf of the carrier. This is possible because of the rating engine specifications the carrier sent to AI Insurance during onboarding.

The quote represents the carrier’s offer, specifying the cost of the policy and what it covers. It is then sent to the broker or the insured, based on your preference.

Once the quote is reviewed, and if it’s accepted by the insured or broker, they or the carrier can bind it into a policy. Binding creates a legal contract that confirms the insured’s coverage and protection.

Refer to the Bind a Quote documentation for more details on binding quotes into policies.