This is what underwriters need
Getting actionable submissions is the goal that binds Sales and Underwriting. Taking the time to thoroughly report information is essential for underwriters to understand if the submission is a smart risk. The last thing anyone wants is to inadvertently write-off a great account because of poor information. Here are 8 ways to help make your submission actionable:
- DO complete all relevant questions in the application. Just because it’s lengthy doesn’t mean it’s unimportant – skip only if not applicable.
- DO send in currently valued loss runs as required by your program.
- DO provide details of any losses above $10,000.
- DO explain the circumstances behind unusual losses. Include any actions or risk control measures implemented by the prospect to eliminate or mitigate a similar loss.
- DO provide a quote due date. Aim for 30-45 days of lead time to provide a detailed quote.
- DO provide all relevant information on the competition such as coverage or service concerns, the expiring premium (by line of business, if possible) and a credible target premium.
- DO disclose potential obstacles. Be upfront. Include as much information as possible to facilitate less back and forth correspondence for you and your client.
- DO ask for explanation of coverage advantages.
Remember, underwriters DO want to help you sell the product. DO yours a favor by following the tips above.
Tom Thompson, Underwriting
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