For independent insurance agencies, getting a commercial insurance submission in front of the right market is only part of the placement process. Getting that data package and paperwork reviewed efficiently can be just as important.
Commercial submissions can require significant underwriting information, documentation and coordination among producers, account teams, placement specialists and carriers to complete. When information is incomplete or difficult to access, additional follow-ups can create friction and delays. At the same time, agencies must navigate factors outside their control, including carrier appetite and underwriting capacity.
Agencies cannot control a carrier’s appetite or an underwriter’s workload. But they can control the quality of information they provide, how effectively a risk is presented and how efficiently the submission is managed.
Here are five factors that can influence how efficiently a submission is made.
1. Provide a clear picture of the risk
A completed application provides important underwriting information, but a strong commercial submission may require additional context and supporting documentation to help a carrier understand the exposure. When relevant information is missing, the next step may be another request for information rather than an underwriting decision. Each exchange can add time and administrative work.
Agencies can help by anticipating questions before submitting a risk, confirming applications are complete and providing supporting information that gives a clearer picture of the account.
The goal isn’t simply to get an application submitted quickly. Instead, ensuring that important and accurate information is received is a priority. There should also be an efficient process in place for the parties evaluating the opportunity with what they need to move forward.
2. Underwriter capacity
Underwriting capacity is largely outside an agency’s control, but an agency plays a key role in how well a submission is prepared. When multiple opportunities are competing for attention, organized submissions with sufficient information may require less administrative follow-up than those with gaps.
Producers and account teams can consider having someone familiar with the account who understands the risk, its history, and the coverages being sought, work on the submission. From a servicing perspective, this matters internally, too. Repeatedly answering basic questions, searching for documents or determining submission status could consume agency capacity that could otherwise be directed toward clients and new business.
Reviewing the customer’s website before submission can also help expedite the process. Because underwriters may consult publicly available information, agencies can check their websites in advance to see what they will look for and provide context for anything that could raise questions. Addressing potential inconsistencies early can reduce follow-ups and streamline the underwriting process.
3. Carrier selection
Not every risk is appropriate for every market, which makes understanding how to position a submission an important part of the placement process. Agencies can focus on presenting a clear picture of the risk and providing placement specialists with enough information to identify appropriate markets and develop an effective strategy.
Technology can make information easier to organize and exchange, but market knowledge is also key. Experienced placement professionals can help identify potential markets, develop placement strategies and pursue competitive coverage solutions, particularly for complex accounts.
4. Data quality challenges
Commercial submissions can involve information from applications, supplemental forms, loss information and supporting documents. When that information is incorrect, incomplete or fragmented across systems and email threads, there could be inefficiency and delays.
Establishing internal standards for reviewing applications, confirming required information and organizing documentation before submission can help agencies address this issue. Effective technology and operations also matter. A centralized process can make it easier for agency employees to collaborate, understand what has been provided and see where an opportunity stands without relying exclusively on individual inboxes.
5. How proactive risk information improves outcomes
A commercial submission should be more than the required forms. The information provided helps the recipient understand the account. For example, what does the business do? What are its primary exposures? What has the insured done to mitigate them? Is there information that could address an underwriting concern before it becomes a follow-up question?
Providing helpful information proactively can create a clearer picture of the opportunity and position the agency as an active participant in preparing and presenting the risk. It may also improve efficiency and decrease the time needed to process the submission.
FirstChoice Advantage can help
Commercial placement will always involve variables outside an agency’s control, but it’s possible to reduce avoidable friction by improving submission completeness, data quality, documentation and visibility. The right technology can help by centralizing information, communication and status tracking, reducing reliance on separate emails, files and manual follow-up. This gives agency employees and placement specialists easier access to information throughout the process.
FirstChoice Advantage is one example of a technology that can help. The platform centralizes new business submissions, documents, status information and communication with the FirstChoice Risk Placement Team (RPT).
Technology does not replace placement expertise. FirstChoice members continue to work directly with RPT specialists to identify markets and develop placement strategies. By reducing administrative work and improving visibility, technology allows agencies to focus more time on the risk, the client and the placement strategy.
FirstChoice Advantage is only available to FirstChoice members. If you are not a FirstChoice member and are interested in learning more about the benefits of belonging to the nation’s number one agency partner, visit FirstChoice.
