Providing Quality Submissions

For retail agents, carrier and wholesale broker relationships are integral to the insurance placement process. Often, agents feel they need more support from their distribution partners. While a big part of the ownership is on underwriters and wholesaler brokers themselves, there are things retail agents can do to improve the process. Let's take a look at how to provide quality submissions that maximize your chances of receiving a fast response from your distribution partners.

Know the Risk

As a retail agent, you understand different lines of coverage, but are you aware of the complexity of your client's risk? For example, when marketing a restaurant risk, do you have the data about liquor sales, understanding of the restaurant employees' tasks, knowledge of how the food is prepared, and information about whether or not the building has fire protection? These may be crucial elements for underwriters to provide an accurate quote.

Understand the Appetite

When you market a risk, do you know the carrier's appetite or the markets you are sending a submission to? While these may be "moving targets," regular check-ins with your underwriters to see what risks they are binding and what they want to write more of can be helpful. For example, if you have a contractor risk that performs elevated work, knowing which of your partners will even consider such a risk will save you time and work.

Know the Loss History

If you have a "story to tell" about a risk, don't leave out information about any past losses. Sometimes, the prospective insured may hold back this information, but in doing so, they are only hurting themselves and you in the process. It is always best to take a "help me help you" approach and develop an accurate story about the account.

Complete the Application

Finding the complete information to fill out the carrier application and/or Acord form can sometimes take time and effort. However, submitting as much information as possible is essential if you want a speedy turnaround. When a particular piece of information isn't applicable, or you don't have the information at hand, note your concerns and plan to follow up with the underwriter.

Utilizing a process for more complete submissions helps put, "the ball in the other court," when marketing a risk. Remember, you can only control your part of the equation, but doing your part will contribute to a better quoting experience.

At QuoteWell, we'd love to work with you and do our part towards contributing a responsive and transparent experience for wholesale business!