The carrier race to drive better submissions
Written By: Bryn Saunders, Product Marketing Manager
For some, speed is everything. But ask any veteran runner, and they’ll tell you that marathons are measured by both speed and pacing. In a way, the insurance industry isn’t any different. For carriers looking to grow their businesses, it’s not just about speed to market – it’s also about writing the right business in the long run.
Which is why appetite guides matter.
Despite their best intentions, agents don’t know what business you want to write. This in and of itself is problematic, but in order to understand the full dynamic, you need to put yourself in their shoes for a day.
Say you’re an agency representing 10 different commercial carriers. That means you have 10 different ways to find out what a carrier’s market appetite is for a specific risk AND you have 10 separate websites to visit to get that data (which, by the way, changes regularly and varies by state or region).
This scenario isn’t meant to be dramatic; it’s a reality that your distribution channel faces on a daily basis. This begs the question: How can you better enable your agency partners so that they’re spending less time searching, and more time selling?
It’s as simple as providing searchable appetite guides for your agents in a standard format that makes the information easy to digest. That way, they can quickly identify you as a carrier with the specific risk appetite. As a result, you reduce no-hit submissions and the amount of time your underwriters spend on the phone answering agent questions. It’s win-win.
In the end, all carriers share a common goal – to be in business 100+ years from now. Competing in that race takes a combination of speed to market and proper pacing. In the process, you enable your distribution channel, while bringing better business in the door.
That’s what’ll take you across the finish line – and win the marathon.