Competitive bidding

{
  "id": "MLC-T-INS-000865",
  "term": "Competitive bidding",
  "field": "Insurance and risk management",
  "definition": "A process where multiple insurers or brokers submit proposals and quotes to provide insurance coverage for a client, typically a large corporation or government entity. The client then evaluates these bids based on price, coverage terms, and service quality to select the most favorable option. This method aims to secure the best possible terms and pricing for insurance procurement.",
  "url": "https://mlchart.com/terminology/insurance/competitive-bidding/"
}