COMPANY UNDERWRITING COMMUNICATION
One advantage of computerization is the ability to mass-produce customized information - letters, application forms, or submissions for quotes. How often have you prepared applications for quotes, made multiple copies, and submitted them to numerous companies - just to ensure the best deal for your prospect?
But this method can be wasteful and time-consuming. Before you blindly send applications for quotes, take the following steps:
Request: First, be considerate of the underwriter's workload. Before submitting a risk for quote, call the marketing representative or underwriter to find out whether they are interested in the type of business the prospect represents.
If the underwriter doesn't react positively to your request, don't send it!
Confirm: When you do receive a favorable response to a submission request (which should be limited to one or two companies), create a cover memo that will get prompt attention. The memo should confirm the telephone conversation and also highlight information not included in the application and supplemental forms. Include details of similar, previously written accounts, include price ranges necessary to get the business, and give the time frame required for return information. You may also wish to provide a return postcard requesting the underwriter to acknowledge receipt of the application.
Notify: Next, strengthen the company/agency relationship by sending a 'disposition memo.' Anna Roberson, White River Insurance Agency, Arkansas , provides a sample of the memo she sends to each company not in the running for writing an account. Anna stays in touch with underwriters by telling them not only which company actually wrote an account, but why it did.
Below is a sample of a disposition memo. Try creating one for your own agency.
APPLICATION DISPOSITION
DATE:
TO: (company)
ATTENTION: (underwriter)
RE: (account name)
THIS IS TO ADVISE YOU THAT THE ABOVE ACCOUNT WAS PLACED WITH: (company)
ADDITIONAL COMMENTS:
(YOUR AGENCY NAME)
CSR