What makes a good insurance submission?

During these unprecedented times and hard insurance market conditions, it’s essential to prepare and present a good insurance submission to an underwriter. So, what are the key things to consider about your company’s risk profile?

Background and context

There is always a backstory with a risk presentation. Your business could be an existing policyholder or one underwriters are working with for the first time. Perhaps you operate in a fast-growing sector such as infosec where there are special challenges and requirements. Background and context are essential starting points to help an underwriter judge how to approach and prioritise your enquiry.

Key factors and focus

Before presenting to an underwriter, be certain to clearly demonstrate your motivation and deciding factors. For example, is the priority price, service level or coverage? It’s vital to communicate your buying attitude and challenges to ensure you have the right focus from underwriters.

Right information, right time

Make sure there are no knowledge gaps. You must be fully prepared and have all the correct and relevant information ahead of your deadline. With the majority of us working from home, some turnaround times have increased – and for the moment, at least, it’s not possible for brokers to simply cross the road to get a quote from an underwriter at Lloyd’s of London. Therefore, ensure all your electronic submissions are relevant, accurate, and complete.

For most current submissions, you should include an assessment of how the business has been affected by Covid-19, such as financial impact. And If you are presenting a cyber submission, you should include a ransomware proposal form because of this growing threat. Sometimes you will need many attachments, so make sure everything is clearly labelled and nothing is missing.

Understand emerging and specialist risks

Digital innovations such as crypto and blockchain are transforming the world, but all new technologies and practices have associated risks. Your business activities, geographical reach and customer base may be affected by the rapid pace of change, so you must understand how emerging risks impact any submission when communicating to insurers.  Remember, you must disclose any information that could impact the judgement of an insurer considering insuring your business.

For fintech and infosec businesses, where change is rapid and there are unique needs and challenges, it’s especially important to understand how policy coverage addresses your business. Traditional insurance products may not provide adequate cover for newer risks and business models, so submissions must embrace evolving needs and market trends. This is one of Elmore’s key strengths as an insurance broker. We understand specialist needs, the pace of innovation and regulatory change, and provide the right focus for fintech and infosec businesses.

Written by Tom Abbotts, Client and Operations Executive, Elmore Insurance Brokers Limited.

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