As an insurance agent, your goal is to secure the best possible quotes for your clients. To achieve this, it’s essential to send high-quality submissions to your Wholesale and MGA partners. Here’s how you can streamline your submission process, ensure your submissions stand out, and receive the best quotes from QuoteWell and other wholesalers.
Include a Comprehensive Summary of Business
A detailed summary of the business is crucial to getting an accurate quote. Your business summary should include a clear description of the operations, the industry that the business operates in, and any notable aspects of the business that are unique to the insured.
Additionally, whenever possible, provide a link to the insured’s website. This additional context can help your brokerage team understand the business better. The more information we have about the business, the better we can tailor our quotes to meet your client’s needs.
Provide Complete Applications
To get a fast and accurate quote, make sure all applications are fully completed. This includes answering all questions and providing all requested information. Incomplete applications slow down the process and can result in less accurate quotes. Certain classes of business may require a supplemental application, which provide additional insight into the insured’s operations. If you aren’t sure if your submission needs a supplemental, our team will be happy to provide clarity.
When filling out ACORD forms, be sure to include the following information:
ACORD 125 (required for all submissions):
- Lines of business requested
- Named insured and DBA name
- Mailing address
- Effective date
- Business description
- Business inception date
ACORD 126 (required for General Liability submissions):
- Exposure basis
- Exposure
ACORD 140 (required for Property submissions):
- Building Total Insured Value (TIV)
- Business income TIV
- Business personal property TIV
- COPE information including construction type, building updates, year built, protection class, etc.
- Building occupancy
ACORD 131 (required for Excess Liability submissions):
- Limit requested
- Schedule of underlying policies
Detail the Loss History
Even if the business has no loss history, it’s important to detail how long they have been in business and their claims history. This information helps underwriters assess the risk more accurately. If there have been no claims, this can work in the business’s favor, showcasing their stability and good risk management practices.
Why Thorough Submissions Matter
A well-prepared submission allows underwriters to quickly and accurately assess the risk, leading to faster and sometimes more competitive quotes. By including comprehensive information about the business, its operations, and its loss history, you also demonstrate professionalism and efficiency. This not only helps in getting better quotes from us but also strengthens your relationships with wholesalers and your clients. It is worth noting that a lot of carrier underwriters prioritize their desks and work submissions based on how complete a submission is.
In summary, thorough submissions are key to receiving quality quotes. By providing detailed information and completing all necessary documentation, you streamline the process and ensure the best possible outcomes for your clients.
