4 Ways to Keep Underwriters Happy
Working with Insurance Carriers
Let’s say an underwriter just received a workers’ compensation submission for your staffing agency or PEO. Underwriters receive countless submissions in a short amount of time, so they have to be efficient in recognizing the best opportunities. As the saying goes, “You never get a second chance to make a good first impression.” I can’t tell you how many times an underwriter has shared with me how the quality of a submission changed their position on premium or acceptability.
So what can be done to ensure your submission excites the underwriter enough to move it straight to the top of their “submission pile”? Here are four ways to help your broker make your account stand out:
- Provide Current Data – The underwriter wants to see currently valued Loss Runs which should be within 90-days of your expiration date. Send the current Experience Modifier, but also the previous three as well. Send updated payroll and class code information. If they have to go back and forth with the broker for information, it creates more work for the underwriter and their staff. Providing current data is a priority.
- Be Complete and Concise – Be sure to include the history of your agency, your culture, safety practices, owner’s and/or key manager’s resumes, client and employee screening practices, prior Experience Modifiers, payroll history and claim explanations. Make sure it’s put into a simple, concise format that truly paints the picture of why it makes sense to take a risk on your agency. Make it easy. Easy is timesaving.
- Dive into Details – Be thorough and provide enough detail in your answers to any questions the underwriter may have about your agency. Take the time to explain what happened on larger claims, why you quit doing business with a client because of their poor safety practices or how you incentivize your sales staff to screen for safety. Again, make it easy for them to review your account.
- Choose the Best Broker – Make sure you have a broker that takes the time to thoroughly review the submission and has the expertise to represent you in the marketplace properly. Ask your broker how many staffing agencies or PEOs they represent. What’s the length and depth of the relationship with the underwriters they plan to approach? Unfortunately, this point is often overlooked and underestimated.
It’s crucial to take time with your broker to review your agency’s submission before it goes out to the marketplace. Does it just include data or does it truly paint the picture you want the underwriter to see? Underwriters love to see high quality submissions and will dedicate the time to review them. Trust me, if you push the right buttons, you’ll reap the underwriting rewards!
Looking for more information? Contact a member of the ‘A’ Team.
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