At South Western Insurance Group (SWG), we understand the pivotal role brokers play in the insurance process. Our goal is to support you in making effective submissions that lead to quicker turnarounds and smoother underwriting processes. A well-prepared submission not only speeds up the process but also ensures that your clients receive the best possible coverage. Here are some practical tips to help you enhance your submissions when collaborating with SWG.
Importance of a Complete Application
Every question on our application forms serves a specific purpose. While not every section will apply to every business, it is crucial to complete all relevant sections thoroughly. Detailed information allows our underwriters to provide quotes that are specifically tailored to your client’s needs. This customization can include beneficial enhancements to the overall operation and coverage.
7 Essential Elements of a Good Submission
1. Fully Completed Applications
Ensure that all sections of the application are filled out completely. Include necessary documents such as photographs, Google Map screenshots, additional reports, and relevant website addresses. These details provide a comprehensive view of the client’s business and help with accurate risk assessment.
2. Detailed Client Descriptions
Provide a thorough description of the client’s operations or products. Include a breakdown of revenues per operation and sales per country if applicable. This information helps in understanding the scope and scale of the business, which is essential for accurate underwriting.
3. Client’s Business History
Describe how long the client has been in business and their experience in the industry. This background information can influence the underwriting decision, and the terms of the coverage offered.
4. Use of Subcontractors
Detail any subcontractors used for specific work. This information is important for assessing the overall risk and ensuring that all aspects of the business are covered.
5. Specific Coverage Requirements
Identify any additional coverage required by the insured or by contract. This ensures that all necessary protections are included in the policy, avoiding gaps in coverage.
6. Prior Coverage and Claims History
Provide information on prior coverage and a detailed claims history, including a loss run from the previous insurer. This history helps in evaluating the risk and determining appropriate coverage and pricing.
7. Expiring Policy Details
Include details of the expiring policy, such as coverage limits and premiums. This information assists in obtaining the best coverage with competitive pricing. Knowing the current terms helps us to offer a policy that meets or exceeds the existing coverage while potentially offering better rates.
Benefits of a Thorough Submission
A detailed and well-prepared submission allows SWG to offer enhancements and customized coverage that are beneficial to the client’s overall operation. By providing comprehensive information, you enable our underwriters to tailor the policy to the specific needs of the business, ensuring optimal protection and value.
In summary, a well-prepared submission is key to a faster and more efficient underwriting process. By following these tips, brokers can ensure that their clients receive the best possible coverage in a timely manner. At SWG, we are here to support you every step of the way. For any questions or further assistance, please reach out.
Toronto Office: 21 Four Seasons Place, Suite 105, Toronto, ON, M9B 6J8 | Email: quotes@swgins.com
Québec Office: 007 – 250 Grande Allée Ouest, Québec, QC, G1R 2H4 | Email: quebecquotes@swgins.com
Additionally, don’t forget to download our Quick Tip Sheet for a handy reference on making effective submissions. This document is packed with valuable insights to help streamline your process and ensure a smooth collaboration with SWG.
We look forward to continuing our partnership with you and helping you achieve the best outcomes for your clients.
