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Rate Quote Bind, commonly referred to as RQB, is the digital workflow that allows MGAs, wholesalers, and carriers to rate a submission, generate a quote, bind coverage, and issue a policy inside a single system. A modern RQB platform eliminates manual spreadsheets, disconnected raters, and back and forth email workflows. It creates straight through processing from submission intake to policy issuance.
The rating engine applies underwriting rules, state filings, carrier guidelines, eligibility logic, and credit debit calculations to generate a premium. Rating can be integrated with third party engines such as NetRate or built natively inside the platform.
The system generates a formal quote document based on approved rating results. The quote includes coverage forms, limits, deductibles, endorsements, premium breakdown, taxes, and fees. Agents can download or send the quote directly to insureds.
When the agent confirms coverage and collects required information, the policy is bound. The RQB system records the bind date, policy number, payment status, and regulatory compliance requirements.
After binding, the platform automatically generates policy documents, invoices, schedules, and endorsements. Documents are delivered to agents and insureds through the portal.
Billing infrastructure must support flexibility across these models.
Manual workflows limit growth. Email based submissions, offline rating spreadsheets, and disconnected accounting systems create delays and errors.
A modern RQB system provides:
For MGAs scaling premium volume, RQB becomes the operational backbone of the organization.
Submission Intake Automation
Email ingestion, API feeds, PDF extraction, and structured application forms allow submissions to enter the system cleanly.
Underwriting Rules Engine
Eligibility logic, class code validation, credit debit matrices, and referral triggers are embedded into configurable workflows.
Rating Engine Integration
Real time premium calculation using filed rates and state specific rules.
Quote Generation
Automated proposal templates with dynamic data population.
Bind and Payment Processing
Credit card and ACH collection at bind. Secure payment links for insureds. Installment tracking and automated retries on failed payments.
Policy Issuance
Instant document generation including policy forms, endorsements, and declarations.
Accounting Integration
Premium accounting sync to internal systems or external platforms.
Traditional rating tools calculate premium but do not manage the full quote to issue lifecycle. RQB platforms unify rating, workflow automation, document generation, payments, and accounting. An integrated RQB system reduces operational overhead, improves turnaround time, and increases producer satisfaction.
Straight through processing means eligible risks move from submission to issuance without manual intervention.
Key enablers include:
This reduces underwriting bottlenecks and increases scalability without increasing headcount.
For growing MGAs, RQB is not a feature. It is the operating core of the underwriting organization.
This service operates within the Selectsys five module insurance infrastructure. Operational execution is fully aligned with the technology backbone.
Operational services are most effective when integrated directly with the core platform modules.