INSURANCE QUOTE GENERATION PROCESS

Created by ChecklistGuro (https://checklistguro.com)

[ ] Initialize Quote Request: Create a new entry in the 'Quote Requests' data model to initiate the process.
[ ] Fetch Client Profile: Retrieve existing data from the 'Clients' data model using the provided Client ID.
[ ] Fetch Risk Assessment Data: Retrieve historical risk data and previous claim entries associated with the client.
[ ] Calculate Base Premium: Execute formula based on coverage amount, risk score, and industry multipliers.
[ ] Calculate Tax and Fees: Apply regional tax percentages and administrative fees to the base premium.
[ ] Update Quote Financials: Update the 'Quote Request' entry with the newly calculated premium and total cost.
[ ] Underwriter Risk Review: Assign a task to the Underwriting team to review high-risk indicators in the data.
[ ] Aggregate Claims History: Sum the total value of all 'Claim' entries associated with the client to determine loss ratio.
[ ] Compliance Verification: Assign a task to the Compliance Officer to ensure the quote meets regulatory standards.
[ ] Generate Final Quote Document: Create a new entry in the 'Quotes' data model containing the finalized terms and conditions.
[ ] Send Quote to Agent: Send an email to the assigned Insurance Agent with the quote details and summary.
[ ] Send Quote to Client: Send a formal email to the Client's email address with the quote attachment/link.
[ ] Notify Client of Quote Availability: Send an SMS notification to the client's phone number alerting them that their quote is ready.
[ ] Monthly Quote Conversion Report: Generate a report aggregating all 'Quote' entries created during the current month.
[ ] Set Quote Status to Issued: Update the status of the Quote Request entry to 'Issued' upon final approval.

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