Have you ever wondered how you can get your underwriter to quote your accounts more quickly?
What about getting a rush endorsement processed when a client needs a copy of it to get paid for a job?
Many times, these types of requests come down to the relationship you've developed with your underwriter. If you have a good relationship, you are able to quote more accounts for your clients/prospects, and it puts you in a better position to win business than your competitors.
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However, if you're on your underwriter's “naughty” list, then good luck getting an account quoted quickly. Sometimes it may feel like other agents are jumping you on their priority list, and you wonder why. It is likely that you have consistently acted in a way that is causing you to lose with your underwriter.
At the end of the day, underwriters are people just like you trying to write business and make a good living for their family. If working with you pulls time away from production (and you are pushy along the way) then you can expect the waiting game.
Keep reading for ways that you can WIN with your underwriter by establishing a rapport and building trust. Hopefully, this will lead to shorter turnaround times on your quotes and more prompt communication from your underwriter.
In business, when you are kind, colleagues often go out of their way to show you kindness in return. (Photo: iStock)
|No. 7: Be kind.
After working with agents across multiple states, I can say that I've spoken with just about every type of agent, from local captive agents who may write one commercial policy a year to large independent agents that have an eight figure book of business with my company. Most of them were enjoyable to work with because they were kind.
These are the agents for whom I would drop what I'm doing to help them with a request. I would put their submissions at the top of my To Do list. I would go out of my way to make sure they have what they need to be successful with their clients and prospects. What causes this reaction? They are kind. When they call in with a request, they don't treat me like their 4th or 5th option on a deal. I feel like I'm their first choice (even though I may not be). They ask me about my family. Their voice has a caring undertone. I'm viewed as a resource. They truly want to understand a coverage option or learn about how to go about adding an endorsement so they can explain it clearly to their client. I don't cringe when I see their number pop up on caller ID because I know they are going to speak calmly, professionally, and treat me with respect. They approach our interactions with kindness.
Underwriters ask questions for a reason. For fewer questions, provide them with more details. (Photo: iStock)
|No. 6: Provide detailed answers.
When most underwriters request additional information on an account, they are doing it for two reasons: to meet a procedure requirement from their internal guidelines, or to justify their rationale for the price they are using.
One of the biggest peeves underwriters have is the lack of details provided on an open ended question regarding an account. I'll share a scenario that highlights this.
An agent submitted an account that was a strong performer for four out of their past five years. However, the client had a large loss in the current term and was given an increase by the incumbent carrier, causing them to send it to market. This was a new business account to me. The agent wanted me to price the account as close to expiring as I could. I was onboard with this approach as it was a strong account overall and seemed like it was worth the risk. However, to get to the price he wanted, I had to refer the account, as it was outside my underwriting authority. I had all the information that was “required” to provide a quote such as the application, loss runs, e-mod, etc. But I knew that my management team would want information on their safety program.
I reached out to the agent and asked, “Can you provide some details on the account's safety program?”
I received an email back that said, “Yes, they have a safety program in place.”
Wow, those details are just jumping off the page aren't they? So I picked up the phone and walked the agent through why a client conversation was necessary to get the right information and documentation for my file.
This can be a deal killer for underwriters! Lack of detailed information can tie our hands from getting agents the pricing they need or even keep us from being able to provide a quote. Want to get the best pricing available from your underwriter? Provide detailed answers to their questions. The more information we have provided to us, the more ammunition we have to justify our pricing decisions.
Most underwriters work with a good number of agencies, each with a number of producers and account managers trying to write business. (Photo: iStock)
|No. 5: Be respectful of time.
Contrary to popular belief, unless a carrier has a very unique business model, you are not the only agency we handle.
Most underwriters work with a good number of agencies, each with a number of producers and account managers trying to write business, get endorsements processed, and answer their client's questions. A typical underwriter gets a number of emails and phone calls, and is required at times to visit with agents. This should not be an earthshattering revelation to most agents.
Nonetheless, some agents have unrealistic expectations of their underwriter's turnaround time.
Here's an example of a typical underwriter-agent conversation:
One of my agents gives me a call and says: “Scott, where is my quote on ABC Company? I submitted it and am wondering where it is.”
I take a look at my system and reply: “I see it here in my queue. You submitted it yesterday at 5:15 p.m., correct?”
He responds: “Yes. Now it's 10 a.m. I'm just wondering what the holdup is?”
Again, I must remind him that while I strive to provide great service, I do have other accounts that were submitted previously that I must take an action on. While this will be an unpopular statement to hear, not every account is a “rush” for your underwriter.
Not every issue you run into as an agent is going to immediately top the list of priorities for your underwriters. (Photo: iStock)
|No. 4: Choose your battles.
While most underwriters can quickly work on a small task for an individual agent, you must be selective in asking for a speedy turnaround. Sometimes a situation is outside of your control, and you just need to clearly communicate it to your underwriter to see if together you can come to a solution.
Consider this common scenario: A prospect you've been calling on for the past few months (or years) calls you when they are frustrated with their situation and wants you to make a move days before their renewal date.
As an underwriter, we are all trying to write new business. Most underwriters have a new business goal they have to achieve each year that affects their performance. If there's a way I can achieve that early in the year by moving some of my other tasks around to make room for writing a new piece of business, I'm going to do it. This situation is one I run into frequently and am almost always able to handle for my agents. As long as agents are being truthful, this doesn't happen all the time. My agents are honest with me, provide the information I need timely, and the quote is usually turned around quickly. The situation above can be a win-win for all sides.
Most clients would like to see some but not all of their options year in and year out. (Photo: iStock)
|No. 3: Be selective.
When working with standard products, there are a number of different options for placing business. Most agents have access to many of these markets. A frustrating thing underwriters deal with is agents who market their accounts to every carrier they have access to each year regardless of competition.
I'm not talking about an agent who has been asked specifically by their client to go to market and present all available options. I believe that happens rarely as most clients would like to see some options (especially if the coverage language differs by carrier) but not ALL available options.
Experienced underwriters do not need practice quoting the same account for five years when it's stayed with the incumbent every year. I work with a number of agents who are very good at knowing the market and knowing their carriers. It is enjoyable to work with them because I know that almost every time I will quote a new business account, they've already downsized the players in the game.
As previously mentioned, there are many different tasks underwriters deal with daily. If I've seen the same account for 3 years and we've quoted competitively each year without success, I am probably not going to put that at the top of my priority list. In contrast, if I get a phone call from an agent stating that the insured isn't happy with their current carrier and they want to get quotes from other markets, and my agent tells me I'm going up against one or two other options, I can tell that they've already paired down some of their markets. I know that I'll have a higher chance of being successful versus knowing that I'm just one of many that quote on an account every year.
In today's information age, there is an expectation of immediate responsiveness. (Photo: iStock)
|No. 2: Respond promptly.
Your clients expect you to be available at all hours to assist them with their insurance needs. So most agents expect the same from their underwriters. I've heard from many agents who become frustrated with underwriters because they 'never answer the phone.'
Underwriters feel the same way about agents who are difficult to reach!
If we are working on an account that has any complexity to it, there will likely need to be at least one conversation via phone or email. There have been many times in which I've gotten an urgent call from an agent asking me to quote an account for them as soon as possible. Once I take a look at the account, there's likely going to be a follow-up question or two, especially if the person entering the submission was in a hurry. There are likely one or two pieces of additional information I'll need to quote it. What is extremely frustrating is when the agent requests a rush and then I can't get a hold of them for questions.
If you can be as responsive to your underwriter as you likely are to your clients, that will be a big win with your underwriter. Your underwriter will have confidence that you're available to discuss any details, and will likely get your quote turned around more quickly.
Being responsive will encourage your underwriter to reciprocate, and build trust in your relationship.
Dropping your underwriter's supervisor an email and letting that person know that you appreciate a job well done will go a long way. (Photo: iStock)
|No. 1: Show your appreciation.
Taking the time to do this with your underwriters could be the most effective way to win with them. This could be as simple as dropping an underwriter a personal email to say thanks for their work on an account.
Another big action item that also goes a long way is providing positive feedback to your underwriter's management team.
Many carriers offer some system of “kudos” or internal awards that may not be made public to reward their underwriters. If you really want to show your appreciation, nominate your underwriter for an industry award that recognizes them in front of their peers. Not all underwriters will appreciate the attention but all will appreciate the gesture.
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