When it comes to getting a quote back to your client, time is of the essence. You want your underwriter to quote coverage quickly.
Often, a Surplus Lines Broker doesn’t see a risk until it has already been submitted and declined by the standard market, so your client is eager to move the process along as quickly as possible.
Here are some tips for getting a quote from your broker faster:
Give your broker all the essential stuff upfront.
At the bare minimum, your surplus lines broker will need a name and address.
You’d think these details would be obvious, but you’d be surprised how many applications Craig & Leicht receives that don’t have the basic information filled out. At a minimum, the agent should provide name, address, phone number, website, and entity type.
For general liability, your broker will also need sales, payroll, square footage, rating information, and whether or not the business uses subcontractors.
And then, give your broker more details.
There’s no such thing as too much information. Claim history or overview is a great place to start. Let your broker know if the client has any losses or insurance claims on their business. We can’t stress this enough. What are some quirky things you could list about the company? What are some fun facts? Try and sell us on the account.
The more detail you can provide, the more we can work within that grey area and quickly underwrite your submission.
For example, if it’s a nail salon and the submission only specifies the name and address, the amount of time the broker will spend gathering those details from the insurer will only delay the quote. Speed up the process by eliminating the back and forth conversation with your broker clarifying details. More is always better and will get you to a satisfied client faster.
For example, let’s say your client is a nail salon. Here is an ideal introduction to get the ball rolling with your broker faster.
Agent: Hi, Amy and Matt. We have a nail salon that does waxing. They’ve been in business for five years with zero claims to their name, and the owner has ten years of experience.
Craig & Leicht: Thank you for the helpful description! Now we have a clear picture of the business and its needs. Hold tight for your quote!
And everyone is the winner in the end. Your client is happy, you’re happy, and that makes your surplus lines broker happy. (cue the champagne)
Guesstimates are good.
Your surplus lines broker needs the truth about the business. Eliminating essential details that you think will delay the quote will make the process more frustrating for all parties. On the other hand, it’s perfectly reasonable to provide an educated guess when filling out a submission.
At Craig & Leicht, we welcome the opportunity to work with brand new businesses. We understand that, without precedent to go off of, you may have to give us ballpark figures or estimates. We can work with that, and it will speed things up.
Likewise, don’t be shy about voicing details you might feel are insignificant. If your client hasn’t had a claim for three years, for example, we can give them credit for that.
Let your broker know the target premium.
The target premium or pricing is a great thing to know right off the bat. With an estimate in mind, we’ll know immediately whether we need to decline it or whether it’s well within our realm.
Our customers appreciate a fast decline just as much as they appreciate a quick quote. If we can’t compete with the terms that they need, if it’s currently written with a standard market, or if there are too many claims and the operations are outside of our wheelhouse – we’ll let you know immediately that it’s out of our hands.
If you keep these guidelines in mind, you’ll be much more likely to receive your quote in 24 hours or less. We do our best to streamline the process, but we rely on specific information from you to provide a quote. A complete application helps us respond to your needs quickly.