Below are the stages to manage Quote Response workflow and lifecycles:
| Stage | Triggered By | Description |
| New | Issuer | Initial stage upon RFP invitation |
| Underwriting | Responder | The responder acknowledges receipt and is reviewing the RFP |
| Submitted | Responder | The responder has submitted their proposal for issuer evaluation. |
| Shortlist | Issuer | The quote response is moving to advanced stage, often to firm up the quote. |
| Won | Issuer | Only one quote response can be marked as Won. All others must be marked as Lost at this stage |
| Bound | Issuer / Responder |
Is a final stage |
| Lost | Issuer | Is a final stage |
| Declined | Responder | Is a final stage. |
| Closed | Issuer | Is a final stage |
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