Suitability Assessment
A plain-English definition from the DeployIT insurance technology glossary.
In short: The mandated check that a recommended insurance product matches the customer's needs and financial situation, with the assessment recorded.
Related terms
- Benefit Illustration
- A standardized projection of a policy's benefits and charges that must be shown to (and acknowledged by) the buyer for certain products.
- Corporate Agent
- An IRDAI-registered entity (often a bank or NBFC) licensed to distribute insurance for up to nine insurers per line of business.
See it in practice
See this concept working in software
DeployIT puts quoting, issuance, renewals, claims and commissions on one platform built for Indian insurance distribution.