This post outlines how quotes are submitted and when they’re ready to become bound in-force policies. In BriteCore, a policy’s status depends on where it is in the policy lifecycle. Figure 1 illustrates a sample workflow with corresponding statuses.
Policy status in BriteCore
Policy status indicates the current state of the policy and appears on each revision. See Table 1 below for a summary of policy statuses and descriptions.
Table 1: BriteCore’s policy statuses and their descriptions.
|BriteCore Product||Policy Status||Description|
|BriteQuote||Unsubmitted||Quote or application hasn't been submitted by the agent from the Agent portal.|
|BriteQuote||Submitted||Application is submitted but pending processing by an underwriter.|
|BriteQuote||Rejected||Application was rejected by an underwriter.|
|BritePolicies||Active||Once a quote is committed/bound, a policy is considered in-force and active in BriteCore.|
|BritePolicies||Canceled||Policy isn't in effect.|
|BritePolicies||Cancellation Pending||Policy is currently in effect but won't be as of a future date.|
|BritePolicies||Expired||Policy was non-renewed and isn't in effect.|
Policy revisions in BriteCore
A revision is the foundation of a policy and tracks the changes made to a policy over time, including written premium. The following revision states indicate whether the revision’s information is in effect:
- Committed: The data associated with the revision is in effect and can be reported on.
- Open: The data associated with the revision is in progress; therefore, it isn’t in effect and can’t be reported on.
- Pending: The data associated with the revision is in progress; therefore, it isn’t in effect and can’t be reported on.
- Archived: The data associated with the revision was once in effect and can be reported on.