We often see Brokers gathering property lists and documents from their clients via email and FTP sites. The Brokers do their best to review all documents to gain a good sense of the whole account. After review, they send the underlying submission data to markets.
The Carriers receive the real estate submission including the massive amount of documents. The Carriers hope for one master property list, but often get multiple excel spreadsheets. They cross their fingers for easy to download reports with recognizable titles that match up with the properties. But so often they are left to slog through the data before they can even start underwriting.
See the Light – Reconcile and Share
Especially for real estate portfolios, reconciled underwriting data improves outcomes for brokers and underwriters. Brokers are efficient, and underwriters can triage opportunities quickly and get to underwriting fast.
The presentation of submission data should be unambiguous, complete, and understandable (even if the actual content often has holes). There should be one master property list that the insured and the broker agree is correct, and every document should relate to the account. Brokers should have the opportunity to “perfect” the data before providing it to underwriters. And for carriers, when they do not receive well-presented submissions, they should have a source that prepares the data for underwriting.
Market and Bind Real Estate Accounts Easier
For environmental Brokers, “easier” means saving time preparing submissions, reaching more markets, receiving more complete quotes faster, and handling more business.
For environmental Underwriters, “easier” means understanding the account better, quoting faster and more accurately, avoiding the slog through messy submission data, and quoting more business.
Eliminating portfolio data dumps improves underwriting outcomes for all parties.
For more information on how to win more business, contact David Oldow at david.oldow@griptiller.com.
