The right coverage starts with a quality submission

The greatest challenge to obtaining the best insurance coverage for our clients is the quality of submission between the retail producer and underwriters.

Paint a picture of the entire risk from top to bottom, with as much detail as possible and add some great photos and that will get the underwriter’s attention.

We all want to win the business. Most underwriters never physically see the risks they are underwriting and are depending on the retail broker to provide the details they need. A comprehensive, thorough, detailed, and accurate submission is the first step to ensuring the right coverage.

An incomplete and inaccurate insurance submission may often be ignored and wind up at the bottom of the pile. Underwriters need to know that we know what we’re talking about and that we truly know the client and their business.  Incomplete submissions can lead to an inaccurate quote and less chance of winning the business. Rushing a submission and missing or leaving out key details will simply waste the time of producers and underwriters. Getting the submission right the first time will increase the chances of winning the business and earn the respect and confidence of the underwriter.

The best way to accelerate the quoting process is by submitting a complete and accurate submission. Cutting corners and leaving out application questions will inevitably waste time. Include all relevant documents such as photos, screenshots, receipts, property reports, etc. Be as detailed as possible. Painting a complete picture of a client’s business or property will help ensure a quicker quote.

Underwriter’s want and need the full story, history, operations, upkeep, risk management, updates, and anything that makes the insured unique in their industry. Underwriters need to know the history on past claims and if the insured has any risk mitigation procedures in place. Adding in a description of what makes the insured so unique in their industry also helps.

Don’t hesitate to tell the underwriter what the realistic and honest target premium needs to be to win. Building trust and sharing details will create a greater chance of success. Remember, underwriters want to win the business too!

Using the back of a napkin to outline a risk won’t cut it in today’s challenging hard market, but a quality submission is a good start.