1. Description
This insurance service request enables TPPs to initiate Insurance Quote Requests (IRQs) to a number of insurer LFIs, providing them with all the necessary Users' insurance data required for producing “actionable quotes” and returning their details to the initiating TPPs. In the context of the Open Finance insurance quote initiation, the term “actionable quote” refers to a quote generated by an insurer LFI, which includes one or more plans and covers, and can be used by the recipient user to purchase an insurance policy at the premium specified in the quote, subject to no change of the information provided to the insurer LFI.
As part of the insurance quote initiation, Users may provide TPPs with their consent to access their accounts with existing (and/or previous) insurer LFIs, in order to acquire the Users insurance data, that can be used for the IRQs sent to the insurer LFIs. The Users' consent to TPPs for Data Sharing requests of existing and historical insurance data MUST be a short-lived consent (i.e. lasting for 24 hours max). During this period, TPPs will be making a number of Data Sharing requests to acquire all the data necessary for the IRQ initiation. The source of the insurance data will be existing and/or previous insurer LFIs, and in exceptional circumstances it could be banking LFIs, customer related data clusters.
1.1 Scope
The scope of the Insurance Quote Initiation service is as follows:
1.1.1 Sectors & Customer Segments
The scope of the Insurance Quote Initiation service in relation to industry sectors and customer segments is shown below:
Insurance Industry Sectors | |||
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ID | Insurance Type | Description | In Scope (Y/N) |
1 | Motor Insurance | Vehicle coverage against losses due to accidents, theft, or damage. | |
2 | Travel Insurance | Financial protection against travel-related risks. These may include trip cancellations, medical emergencies, lost or delayed luggage, and other unexpected events that could disrupt travel arrangements. | |
3 | Life Insurance | Benefits to beneficiaries of insured persons upon their death. It serves as financial protection for the insured's dependents. | |
4 | Renter Insurance | Tenant protection against financial losses due to theft, fire, or other perils affecting their personal belongings within a rented residence. | |
5 | Health Insurance | Cover for medical expenses incurred by the insured due to illness or injury. | |
6 | Home Insurance | Homeowners' financial protection against damage to their property and liability for injuries on their property. | |
7 | Employment Insurance | Provides financial assistance against involuntary unemployment of insured persons. |
Customer Segments | ||
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Consumer | SME | Corporate |
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1.1.2 Functionality
The scope of the Insurance Quote Initiation service from the functionality perspective is shown below:
Insurance Quote Functionality (Initial Scope) | |||
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# | Functionality | Description | In Scope (Y/N) |
1 | Create Quote |
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2 | Request User’s existing & historical insurance data from LFIs |
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3 | Redirect Users to Quote |
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4 | Quote Status update |
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5 | Retrieve Quote |
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6 | Remove/delete Quote |
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7 | Update Quote |
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8 | Approve/Reject Quote |
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1.2 Insurance Quote Initiation - Example User Stories
1.2.1 New policy Quote without existing & historical insurance data
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User StoryAs a User (Consumer), I want to provide a TPP with my insurance requirements and any necessary information required, and share this information with one or more insurer LFIs requesting their Quote(s), so that I can effortlessly see and compare a number of insurance quotes from a variety of providers for my next insurance policy. |
1.2.2 Policy switch Quote with existing insurance data
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As a User (Consumer), I want to provide a TPP with my insurance requirements together with my explicit consent to acquire all the necessary insurance data from my current insurer LFI and share this information with one or more insurers LFIs requesting their Quotes, so that I can effortlessly view and compare a number of insurance quotes from a variety of insurer LFIs, and decide on switching my insurance policy or not. |
1.2.3 Policy switch Quote with existing & historical insurance data
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As a User (Consumer), I want to provide a TPP with my insurance requirements together with my explicit consent to acquire all the necessary existing and historical insurance data from my current and previous insurer LFIs, and share this information with one or more insurer LFIs requesting their Quotes, so that I can effortlessly view and compare a number of insurance quotes from a variety of insurer LFIs, and decide on switching my insurance policy or not. |
1.2.4 New policy Quote with historical insurance data
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As a User (Consumer), I want to provide a TPP with my insurance requirements together with my explicit consent to acquire all the necessary historical insurance data from my previous insurer LFIs, and share this information with one or more insurer LFIs requesting their Quotes, so that I can effortlessly view and compare a number of insurance quotes from a variety of insurer LFIs for my next insurance policy. |
1.3.Process flow
The below diagram depicts the high level process flow for the Open Finance Insurance Quote Initiation.
2. User Journey
2.1 Step 1 - Acquire User Data
2.2 Step 2 - Use Data to Get Quotes
3. Customer Experience
3.1 Step 1 - Acquire User Data
3.2 Step 2 - Use Data to Get Quotes and enable Users to purchase policies
3.
13 Rules & Guidelines
3.3.1
.2Rules & Guidelines
# | Step | Rules & Guidelines |
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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:
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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.
2.2 Enable Users to proceed with the Data Sharing customer journey as per the requirements defined in https://openfinanceuae.atlassian.net/wiki/spaces/Internalstandardsv2draft1/pages/212041730246054914/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/Internalstandardsv2draft1/pages/212041730246054914/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:
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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/Internalstandardsv2draft1/pages/196182018246611969/Insurance+Quote+Initiation#8Initiation#4.6-Quotation-Data-ClustersCluster. 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.
6.11 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:
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.
8.5 Notify the TPPs when a specific quote:
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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. |
3.4 Journey Variations
3.4.1 Health Insurance Step 1 - Acquire User Data
3.4.2 Health Insurance Step 2 - Use Data to Get Indicative Quotes
4. Insurance Quote Initiation Common Rules & Guidelines
84.1 Insurance Type
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TTPs MUST: 84.1.1 Allow Users to select the type of insurance policy for which they want to receive quotation. The available types of insurance current in the Open Finance scope are:
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4.2 Insurance System
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TTPs MUST: 84.2.1 Allow Users to select the system of insurance that their prospective insurance policy will be compliant with. The available types of insurance systems are:
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4.3 Insurer LFIs
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TTPs MUST: 84.3.1 Provide Users with the list of available insurer LFIs that will be able to provide quotes based on their selection of insurance type and insurance system. For some combinations there may not be any insurer LFI that will be available for quotation. In this scenario, TPPs MUST inform Users appropriately and request them to select different insurance type or system. 84.3.2 Allow Users to select the insurer LFIs that they want to receive quotes from, based on the available insurer LFIs, as stated in 84.3.1. If Users do not select any specific insurer LFIs, TPPs MUST initiate and get quotes from ALL insurer LFIs onboarded in the Open Finance ecosystem. Note: This is irrespective of the insurer LFIs with which they have a contractual relationships. |
4.4 Quote Purpose
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TTPs MUST: 84.4.1 Allow Users to provide the purpose for the quote they require. The available types of insurance quote purpose are:
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4.5 Existing/Previous Insurer LFI Information
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TTPs MUST: 84.5.1 Allow Users to provide the name of their existing (or previous insurer LFI) which can be used to provide User’s insurance data and historical information required for generating a quote, depending on the quote purpose as stated in https://openfinanceuae.atlassian.net/wiki/spaces/Internalstandardsv2draft1/pages/196182018246611969/Insurance+Quote+Initiation#8Initiation#4.4-Quote-Purpose.
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4.6 Quotation Data Cluster
A new data cluster has been created for the data required for quotation purposes. The details of the data included in the data cluster can be found in the API specification page.
84.7 Quote Lifecycle States
A Quote moves between these states in its lifecycle:
Available: This is the initial state for all quotes. consents. The TPP initiates a Quote Initiation Request with the OFP - this creates the Quote object. The Quote is in a pending state waiting for the User to action it, either by proceeding with the policy purchase via the TPP broker or by being redirected to the LFIs direct channel. The Quote will remain in this state until:
a) it has been accepted by the User or
b) it reached the end of its validity and has expired
Expired: A Quote MUST move from the Available state to Expired when the Quote has expired its time duration of validity of 30 days. Expired is a terminal state.
Accepted: In this state, the Quote has been actioned by the User and it is now being reviewed for final confirmation by the LFI for the policy purchase. The Quote Consent will remain in this state until:
a) it has been fully completed and the policy purchase is confirmed or
b) it has changed state to the Not Completed by the LFI
c) Expired waiting for further information from User
Not Completed: A Quote MUST move from the Actioned to the Not Completed state when the LFI is unable to complete the action of purchasing of the policy by the user. This is a terminal state.
Completed: A Quote MUST move from Actioned to Completed when the action of purchasing of the insurance policy has been confirmed by the LFI.