Insureds, brokers and underwriters reading this blog know that badly prepared site portfolio submissions waste time and can adversely impact coverage.
In our environmental insurance world, I define data dumps as having:
FTP sites with file trees, loose documents, random documents, and documents with xyz123.pdf naming conventions.
Properties listed on excel spreadsheets with mismatches, unmappable sites, and mystery locations.
One way to explain why well-intentioned transaction partners share data dumps is that FTP sites and email have been the only option. Having worked in the environmental site pollution industry for over 20 years, I know that successful brokers and underwriters are game to take on great challenges. So I attribute the existence of data dumps to poor tools rather than effort.
These days, finger-pointing about who is responsible for delivering easy-to-underwrite submission data is moot. Every site portfolio submission can be quickly and affordably organized, reconciled, and shared.
Good submissions provide reconciled data, reflected in three key components:
- Accurate property lists.
- Complete, sorted, matched to properties, and properly named documents.
- Easy download.
- BONUS – disclosed document lists, mapped locations.
Insureds, brokers and underwriters each desire fundamentally accurate data and an efficient underwriting process. Crucial to the process is sorting and sharing easy-to-underwrite submission data. Eliminating portfolio data dumps improves underwriting outcomes for all parties.