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Functionality

Description

In Scope (Y/N)

1

Create Quote

• The capability of TPPs to send Quote Initiation request to multiple LFIs.

• The capability of LFIs to receive Quote Requests and provide their response of actionable quotes to TPPs.

2

Request User’s existing & historical insurance data from LFIs

• The capability of TPPs to send Users' Insurance Data Sharing requests to one (or more) LFIs subject to acquiring Users' explicit consent.

• The capability of LFIs to receive Data Sharing requests and respond with the User’s insurance data back to TPPs.

3

Redirect Users to Quote

• The capability of TPPs to redirect Users' to the selected LFI’s direct channel, so that Users can proceed with purchasing the quoted insurance policy.

• The capability of LFIs have Users redirected to their direct channels so that Users can review again the selected quoted insurance policy and proceed with the purchase.

4

Quote Status update

• The capability of TPPs to register a callback function so that they are notified when the status of a Quote resource has changed.

• The capability of send notifications to TPPs when the status of a Quote resource has been updated.

5

Retrieve Quote

• The capability of TPPs to use a Quote Retrieve request based on an unique ID to retrieve all the relevant information of a valid quote from an LFI.

• The capability of LFIs to receive a Quote Retrieve request and respond back to TPPs with the details of the valid Quote.

6

Remove/delete Quote

• The capability of TPPs to send a Delete Quote request to LFIs to delete a previously provided Quote based on Users' request or automatically after Users' selection to action Quotes from other LFIs.

• The capability of LFIs to receive Delete Quote requests and invalidate/delete a previously provide Quote.

7

Update Quote

• The capability of TPPs to allow Users to change some of their insurance requirements so that a previously received Quote can be updated by submitting a Quote Update request to LFIs.

• The capability of LFIs to receive Quote Update requests and provide an updated quote that replaces a previous Quote and send its details back to the TPPs.

8

Approve/Reject Quote

• The capability of TPPs to allow Users to Approve a Quote or Reject it. In the case of approval, this refers to the capability of actioning the Quote and initiating the onboarding of Users with the selected LFI for the approved Quote.

• The capability of LFIs to receive Approve Quote requests from TPPs and initiate the onboarding of Users on their systems for actioning and initiating the insurance policy related to the Quote.

INSQT-1

Collect Quotation Parameters

Basic Quote Parameters

TPPs MUST:

1.1 Enable Users to select/provide the parameters related to the Insurance Quote they need to receive. These parameters include:

• Insurance Type (as per https://openfinanceuae.atlassian.net/wiki/spaces/Internal/pages/edit-v2/196182018#8.1-Insurance-Type)

• Insurance System (as per https://openfinanceuae.atlassian.net/wiki/spaces/Internal/pages/edit-v2/196182018#8.2-Insurance-System)

• Insurer LFIs (as per https://openfinanceuae.atlassian.net/wiki/spaces/Internal/pages/edit-v2/196182018#8.3-Insurer-LFIs)

• Quote Purpose (as per https://openfinanceuae.atlassian.net/wiki/spaces/Internal/pages/edit-v2/196182018#8.4-Quote-Purpose )

• Existing/previous Insurer LFI Information (as per https://openfinanceuae.atlassian.net/wiki/spaces/Internal/pages/edit-v2/196182018#8.5-Existing%2FPrevious-Insurer-LFI-Information)

 INSQT-2

Data Sharing Consent for Quotation Purposes (Conditional)

TPPs MUST:

2.1 Request Users to provide their explicit consent to the TPP to receive their user insurance data for the selected insurance type from their existing (or previous) insurer LFI.

• 2.1.1 Use the data sharing consent receiving only the data of the data clusters relevant to the generation of quotations for the selected insurance type. Thus, TPPs MUST request Users to consent and authorize the sharing of the Quotation Data Clusters for the selected insurance type and system, (as per https://openfinanceuae.atlassian.net/wiki/spaces/Internal/pages/196182018/Insurance+Quote+Initiation#8.6-Quotation-Data-Clusters)

• 6.2.1 TPPs will not select the data clusters for data sharing of user’s insurance data from existing insurer LFIs, based on the list of insurer LFIs that will be contacted for the quotation process.2 Enable users to opt-in to include additional data sharing clusters in their consent, so that this information can be passed to the new inserer LFI during the purchase of the new policy.

• 2.1.2 3 Set the consent requested for quotation purposes to be ‘short-lived’

2.2 Enable Users to proceed with the Data Sharing customer journey as per the requirements defined in https://openfinanceuae.atlassian.net/wiki/spaces/Internal/pages/212041730/Insurance+Data+Sharing#4.-Rules-%26-Guidelines.

 INSQT-3

Data Sharing Requests for Quotation Purposes (Conditional)

TPPs MUST:

3.1 Use the data sharing consent to request and retrieve Users' insurance data for quotation purposes as per the requirements defined in https://openfinanceuae.atlassian.net/wiki/spaces/Internal/pages/212041730/Insurance+Data+Sharing#5.-Data-Sharing-Requests

INSQT-4

Manual Entry of Users' Data for Quotation Purposes (Conditional)

TPPs MUST:

4.1 Request Users to manually provide the data required for the quote initiation request in the following cases:

• 4.1.1 When the quote initiation requests require more data than the data set which have not been provided to TPPs by the LFI using the data sharing activity. In this case, TPPs MUST ask Users to provide the missing information to enable the quote initiation requests to proceed.

• 4.1.2 When Users have not provided data sharing consent to the TPP to retrieve their insurance Users Data

• 4.1.3 When Users have not provided to the TPP the information of an existing or previous insurer LFI (for example in the case of a new policy without any previous policy information).

INSQT-5

Quote Request Data Review & User Confirmation

TPPs MUST:

5.1 Allow Users to review the data collected by the TPP that will be used in the quote initiation requests to the insurer LFIs.

5.2 Enable Users to edit the data elements they wish in order to manually correct erroneous data and other data inconsistencies.

5.3 Enable Users to confirm that they are happy to proceed to the quotation initiation process, using the data presented by the TPPs.

5.4 Mark the data clusters of the quotation requests as Manual (M) data for manually entered or user edited information or Automated (A) data for data included as retrieved by an insurer LFI without any editing by the Users.

INSQT-6

Quote Initiation Requests

TPPs MUST:

6.1 Initiate the quotation requests to the target insurer LFIs using the Open Finance Platform (OFP).

6.2 Generate quotes for a single type of insurance. Quotes MUST not include multiple insurance types bundled together.

6.3 Submit to OFP the quote initiation requests with the Users' quotation data confirmed by the Users, including the Users' insurance data they received using the data sharing functionality, if available.

6.4 Generate multiple quote API requests, one for each insurer LFI that is required to generate a quote based on the Users' preferences. The quote request API messages that will be sent to each insurer LFI via the OFP will be the same for all insurer LFIs.

Note: This is because the OFP does not have the capability of broadcasting a single API message to multiple recipients.

6.5 Each Quote Initiation Request, will contain the information as stated in https://openfinanceuae.atlassian.net/wiki/spaces/Internal/pages/196182018/Insurance+Quote+Initiation#8.6-Quotation-Data-Clusters.

OFP MUST:

6.6 Allow the TPPs to submit each individual quote initiation request without any additional MFA or authorization from the User.

6.7 Send the quote initiation request to each LFI for generating a quote using the Users' insurance data included in the quote initiation request.

LFIs MUST:

6.8 Be able to receive the quote initiation requests from the ODP OFP and trigger the quote initiation process immediately after receiving the request.

6.9 Be able to use the Users' insurance data to execute their risk assessment process in near-real-time (and not-real-time in certain scenarios).

6.10 Be able, based on the outcome of their risk engines, to calculate the required premium for different types of products or insurance covers and include this in their quote response message.

• 6.10.1 Also include any additional conditions, terms or limitations related to the insurance policy.

6.11 Generate and assign a unique quote id for every quote they generate.

6.12 Respond with quotes to all quote initiation requests from every insurance broker, irrespective of whether they have a contractual agreement with the broker or not.

6.13 Generate insurance policy quotes that are identical to those provided on the LFI’s proprietary channels when using the same user input data”.

6.14 Respond to each quote initiation requests by sending their quotation data in the response messages back to the OFP.

6.15 Delete all the user data they have received a part of the quotation process when the quotes have expired and users have not purchases the quoted policy for the LFI.

OFP MUST:

6.16 Forward the responses to each quote initiation request back to the initiating TPPs.

INSQT-7

Quotes Display to Users

TPPs MUST:

7.1 Display to Users all the quotation information and options received by the insurer LFIs, including additional conditions and terms.

7.2 Allow Users to sort or filter the provided quotes based on a number of different preferences such as:

• Quotation policy premium

• Insurer LFI rating

• Insurance system (Takaful or Conventional), where applicable

• Alphabetically

• Directly available from Brokers or via redirection

• Insurance policy domain specific parameters (e.g. comprehensive or third-party cover for motor insurance)

7.3 Display the quotes in a neutral way as the default, in the cases Users have not selected any preference of sorting and filtering the generated quotes.

INSQT-8

Quote actioning & redirection to LFIs

TPPs MUST:

8.1 Advise Users how to proceed in order to action on received quotes and purchase a policy based on them.

8.2 Enable Users to use a received quote for purchasing an insurance policy using their existing BAUs processes (directly from them), in the cases they have existing contractual agreements with the selected insurer LFIs that support this.

8.3 Be able to redirect Users to the direct channel of the LFI selected by User, using a unique quote identifier, so that Users can review again the quote details and action on them.

LFIs MUST:

8.4 Enable TPPs to redirect Users to their direct channels, using a unique quote identifier.

• 8.4.1 Allow Users to review again the quote details and complete the purchase of the insurance policy.

8.5 Notify the TPPs when a specific quote:

• 8.5.1 Has been actioned by a User and a policy has been purchased

• 8.5.2 Has expired and is no longer available for actioning either by a TPP or a User

8.6 Set the state of the Quote resource to Completed in the case Users have purchased the policy.

8.7 Set the state of the Quote resource to Not Completed in the case they are not able to allow Users to complete the purchase of the policy.

8.7 Set the state of the Quote resource to Expired, in the case a Quote in Accepted state has not been completed in time and has expired.