Strategies to Impress a Commercial Insurance Underwriter with Your Submission

In today's competitive insurance market, making a strong first impression on an underwriter can significantly impact the outcome of a new business submission. This guide outlines key strategies to create a compelling submission that goes beyond the typical requirements, leaving a lasting and positive impression on underwriters.

The Basics vs. Going the Extra Mile

While providing a complete submission is a given, going the extra mile to showcase your account’s unique value proposition is what truly sets you apart. Underwriters receive an overwhelming number of submissions daily, often between 3 to 5 new ones. Beefing up your application with additional insights and details can make all the difference. According to my experience from over 14 years in underwriting, only a handful of agents take the time to provide comprehensive narratives. This effort certainly pays off!

Comprehensive Risk Analysis and Narrative

When presenting an account, it's essential to provide a detailed, well-rounded narrative that highlights both the opportunities and challenges of the risk. Here’s how to do it effectively:

Positive Aspects: Highlight the strengths and success stories of the business, such as consistent growth or innovative practices. Challenges: Be transparent about any potential risks or loss issues, and provide a plan to mitigate them. This shows proactive risk management, which is highly valued by underwriters. Resilience: Emphasize how the applicant has handled past incidents and what measures have been put in place to prevent future occurrences. Unique Exposures: Identify any unusual risks and initiate a discussion about how these can be managed or mitigated. Transparency in this area can often lead to more favorable underwriting decisions.

For instance, if you operate a business with unique or high-risk exposures, explain them clearly and discuss your proactive measures. This approach of ‘wowing’ the underwriter not only shows thorough preparation but also commitment to transparency and insurance partnerships.

Enhancing Your Submission with Personal Details and Thoughtful Answers

Include personal details and thoughtful answers in your submission to make it more engaging and memorable for the underwriter. Here are some tips:

Industry Experience: Highlight the longevity and experience of your business. Experience often speaks volumes about a company’s reliability and adaptability. Clean Record: Emphasize a clean claim history, especially if your business is large. This demonstrates effective risk management and responsible handling of potential issues. Thoughtful Responses: Provide detailed information rather than generic statements. For example, if you’re in manufacturing, explain the materials used, the production process, and any safety programs in place. A response like 'Our safety training program focuses on recent and potential hazards, with weekly training and an incentive program for employees to identify and reduce injuries and business losses' is far more compelling than 'We have a safety training program.'

Underwriters appreciate when clients go the extra mile to provide thorough and thoughtful responses. This extra effort showcases your business’s attention to detail and commitment to safety and risk management.

Avoiding Common Pitfalls

There are several common mistakes to avoid when submitting to an underwriter. Here are a few tips to prevent any oversights:

Avoid Generic Responses: Stay away from generic answers; they often lack the necessary detail to convince an underwriter. Provide specific details and examples. Clear Definitions: Ensure that you use clear definitions and accurate classifications. For instance, a funeral home and an independent pathologist have different risk profiles. Misclassifying one as the other can lead to underwriting complications and could cost you the business. Attention to Detail: The devil is in the details. Make sure your application is free of errors and that all relevant information is included.

By avoiding these common pitfalls, you can ensure that your submission is both professional and effective, making a strong impression on the underwriter.

Conclusion

Creating a compelling submission that truly wows a commercial insurance underwriter requires more than just fulfilling the basic requirements. It involves providing a thorough narrative, highlighting both strengths and challenges, and offering thoughtful, detailed answers. By implementing these strategies, you can elevate the nature of your submission and increase your chances of securing favorable underwriting conditions.