Overview of policy transaction management

Work with policy transactions typically involves endpoints from two different APIs:

  • The Policy API, which has endpoints to:
    • Initiate all types of policy transactions except for submissions
  • The Job API, which has endpoints to:
    • Initiate submissions
    • Modify the contents of a policy (such as its coverables, coverages, and policy contacts)
    • Quote jobs
    • Bind and issue jobs, or withdraw jobs
    • Work with objects owned by jobs, such as activities and underwriting issues

Conceptually, a policy transaction is completed in four steps:

  1. Initiate the policy transaction.
    • This creates a new Job element whose status is "Draft".
  2. Modify the job as needed.
    • The status remains "Draft".
  3. Quote the job.
    1. The rating engine or rating service generates a quote for the job.
    2. The status advances to "Quoted".
    3. The job can be modified at this point. But if it is modified, the policy transaction falls back to the previous step. In other words, the status reverts to "Draft" and the job must be later requoted.
  4. Complete the job.
    1. This can be done by binding the job or by withdrawing or canceling the job.
    2. The status advances to "Bound", "Declined", or "Withdrawn", depending on the outcome and job type.