Risk journey
The Risk Journey is essentially the sales cycle or placement cycle. Each opportunity entered through the platform is called a risk. Each risk may pass a number of stages before it is sold - this is its journey - how a single risk moves from opportunity inception to bound (sold).
How a risk gets to bound will vary based upon the details provided in the initial proposal. The most common pathways a risk will take on its journey to ‘Bound’ include:
- Auto-rate: automatically rated. This means the proposal details entered allow you to produce a quote immediately.
- SAU: pushed through Special Acceptance Underwriting until rated by Underwriters and accepted by you. This means the risk will be exchanged between you and the Underwriter at least once.
- Amendment: manage changes after a risk is bound. This means the risk will need to obtain a new quote and start another journey. Remember, your original bound risk will always remain intact unless it is eventually replaced by a bound, amended Certificate for the risk.
Quick tip! Each risk created will include a Risk Status – this helps you understand where the risk is in its journey. For example, a risk that is Quoted is further down its journey than a risk that is In Progress; likewise a risk that is Bound is further down its journey than a risk that is Quoted. The Risk History tab will outline the risk's journey over time.