February 10, 2021
As a broker, you offer carefully calculated advice and counsel to your clients. But there’s a challenge. New technologies are increasing the pace and convenience of service. Now, brokers must also meet this increased need for speed, while maintaining the same quality service that clients still expect.
Fortunately, you can save time without sacrificing accuracy - or your budget! The tips in this article will shave time off the quoting process, plus get you more accurate coverage for your clients.
An Accurate Application Facilitates Quicker, More Accurate Quoting
Including even more detail than you think you need will lead to efficiency gains in your submissions process in the long run. At the very least, it eliminates back-and-forth between the broker and the underwriter.
As a good rule of thumb, assume that every question on the application is there for a specific reason. Filling out sections that seem unnecessary help give the underwriter a full picture of your client’s coverage needs, and could even lead to beneficial enhancements.
The added benefit of including as much detail as possible is that it increases the quote’s accuracy. The more information a broker can provide about the client, the greater the likelihood of finding beneficial enhancements to the overall operation and coverage.
Underwriters offer an extra set of eyes on your client’s coverage needs. Submitting a completed application means your client is more likely to get the tailored coverage they deserve.
Checklist: Speeding Up The Submissions Process
To save time on the submissions process, select the relevant application for the specific product. Then, provide as much information as possible in these five areas.
- A fully completed, dated, and signed application: Include photographs/google map screenshots or additional reports and relevant website address if applicable.
- A detailed description of the client’s operation or products: This includes split in revenues per operation (or financials if applicable), as well as split in sales per country. Also, describe any subcontracting the client used/uses for specific work.
- Describe the insured’s history: Note when their business started and describe their experience. Describe any prior coverage and claims history, including a loss run from the previous insurer, where applicable.
- Additional coverage: Describe any specific additional coverage required by the insured or by the contract.
- Expiring coverage: Expiring policy coverage, limits, and if possible, expiring or anticipated premiums - this will assist us in obtaining the best policy with competitive pricing.
Efficiency And Quality - You Can Have It Both Ways
Today, clients have become accustomed to speedier service. Fortunately, you can meet or exceed client expectations without reinventing the wheel. We hope that these tips save you time and help improve your business.
Need A One-Page Submission Checklist? Download Our Broker Tip Sheet.
Content is current as of the date of broadcast and is subject to change without