Page 15 - Newsletter

14 / April 2020
Carrier News!by Dane Tucker
Well who would would have have thought we would would find ourselves in in in this “new normal”? I don’t think anyone could have have predicted a a a a a month ago we would be exclusively working at home burning up Internet bandwidth & maximizing our Netflix subscriptions If you need recommendations I I can help!
As we conclude Q1 and move forward into Q2 it will certainly be difficult to to predict how our insurance partners will react to the COVID-19 Pandemic Most carriers have been cautious in in releasing loss projections or coverage clarifications as as the health of employees and business continuity planning has been a a a a a a a a a priority Adding this to an an an already hardening marketplace we are in in for tough times The following are the average rate changes that HUB clients experienced in in 2019 HARDMARKET
Automobile +10 6% General Liability +1 2% Property +7 7% Umbrella +7 +7 7% 7% Workers' Compensation -4 4%
Here are some reminders that should be helpful when working with our carriers SUBMISSION QUALITY
Providing a a a a a a complete and compelling submission can make all the difference in in in an an an environment where underwriters are experiencing an influx of of submissions To help ensure your submission submission is is is moved to to the the top of of the the pile here are a a a few reminders to consider when crafting your submission:
Personalize your e-mail to to the underwriter – Take additional time to to add add a a a a a a a a a a a narrative and explain:
· · Why your client is is a a good risk
· · · Do we control the account
· · · Is this new business · · Are we simply trying to block the market · · Current pain points with the incumbent · · · Target premium if appropriate
· · Requested completion date
Ensure Accord and other other forms are are complete The following fields are are frequently left blank which can cause a a a a a a a a delay in in in the the the the the quoting process or or or the the the the the underwriter to focus their time on on on on other other submissions:
· · Description of operations
· · · Year business started
· · FEIN and Phone #
Provide a a a a a a a a a a a a a a a a thorough underwriting package – Double check before sending a a a a a a a a a a a a a a a a submission that you have provided all pertinent documents including the application statement of of values financials loss loss runs and explanations of of losses if needed Follow-up with a a a a a a a phone call to to the the the underwriter as an an opportunity to to further highlight the the the strengths of your client and re-iterate deadlines Provide ample time for the underwriter to review and quote -void last minute requests if at all possible