Start streamlining submissions: 3 ways carriers can achieve EODB

May 8, 2018 /

Written By: Bryn Saunders, Product Marketing Manager

The struggle is real for agents and carriers seeking a streamlined submission process. You’d think this problem would have been solved by now, but as with any process that touches multiple players in the distribution channel, the solution is often easier said than done.

When we asked agents to rank the qualities they seek when placing new business with carriers, it was no surprise that streamlined submissions were top of mind. Outside of competitive rates, agents identified easy quoting/submissions as their top priority[1].

But where do you start? Improving the submission process goes beyond simply processing submissions faster. It’s also about having easy access to information, and making that information readily available for agents.

 

Here are 3 tips to start streamlining submissions:

 

1. Respond promptly to underwriting questions

This one goes without saying, but it’s important to respond quickly to your agents. They already spend too much time navigating multiple sites, agent portals, and workflows, so why make them spend time waiting on a response from underwriting? The faster you get the information you need, the faster you can respond to agents, which makes everyone’s lives easier.

 

2. Streamline back-and-forth on submissions

Providing a single workflow for agents can be tough, especially when it comes to real-time transactions, and submissions are no different. When you don’t simplify the process, you cause friction for agents that are trying to find the information they need to do business with you. No matter how easy your own site is, if your submission process isn’t streamlined, you’re making it harder on the agent.

 

3. Increase underwriter competency

As an underwriter, it can feel like the information you (and your agents) need lives everywhere and nowhere at the same time. Information is often dispersed across multiple applications, websites, and even paper manuals – all of which constantly change without warning. Your underwriters can’t do their job without the right tools, like an aggregated search engine, or access to content from the providers you already leverage.

 

Submissions don’t have to be a struggle. Whether you’re seeking to write business faster, or be more knowledgeable as an underwriter – it all starts with having access to the right information at the right time.

 

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[1] 2013 Vertafore Agent Survey