The quality of broker submissions to underwriters can make a huge difference to the response as insurers are swamped with requests, brokers say. 

As insuranceNEWS.com.au has reported, there have been complaints that insurers are taking too long to respond when brokers remarket risks in the current hard market. 

When prices are rising, more policies are remarketed at renewal time as clients react to sharp premium increases, and it has been suggested that insurers are overloaded. 

But some brokers have pointed out that there’s a lot intermediaries can do to help themselves. 

“If you can put a good submission together in plenty of time, then most times you are going to get a response,” Account Manager at Teamcare Insurance Brokers John Usher tells insuranceNEWS.com.au. 

“If underwriters get a slip with information missing, no claims history, the day before renewal, then you can’t blame them for declining. 

“They are not declining on the basis of fact but on the quality of the submission from the broker. They are so busy that it’s easier to decline than go back and ask for the missing information.” 

Hunter Broking Group MD Josh Ryan agrees that the quality of a broker’s submission is vital in the current market. 

“A quality submission is one that is descriptive and clear. The underwriters are more willing to work with you if you are honest and transparent,” he tells insuranceNEWS.com.au. 

“We have come across other submissions in the market that were purposefully vague in nature, a tactic often used to hide risks and rely on interpretation.  

“We don’t operate this way; we would prefer a harder placement and a satisfied customer following a successful claim.” 

Steadfast-owned underwriting agency Miramar recently sent out advice to brokers, listing five ways to prioritise liability submissions. 

These are: ensure your submission accurately names the insured; provide a detailed business description; provide full details on all disclosure and extension questions; disclose the use of contractors or labour hire upfront; and prepare to discuss pricing expectations upfront. 

“Ultimately, it can help if an underwriter sees the effort that’s been made to put the submission together,” Miramar Liability Product Manager Dominic Ivory said. 

“Where this is obvious, the underwriter may be likely to provide the same effort to consider the submission. 

“If detail is lacking, it may lead to an assumption that the broker isn’t serious about placing the business, and questions may arise as to whether it’s worth spending time on the submission. 

“In contrast, if a submission is detailed and followed up with a phone call, it suggests the broker is serious about placing the risk.”