How to Obtain a Quote Faster

We live in a world where technological advancement creates an expectation that everything happens instantaneously. However, as we all know, this is not always the case.  An area that can cause a sense of frustration for brokers and their clients is the time it takes to obtain an insurance quote.

Quote turnaround time depends on the insurance policy type and complexity of the risk. To accelerate turnaround time on financial lines quotes, we have prepared the following insights about some of the actions brokers and their clients can take to be in the best position to receive a fast response. 

Quicker Quote – Proposal Form Tips

1. Ensure that all proposal from questions have been answered and are fully completed with relevant responses. This may seem straightforward, however depending on the nature of the question, any unanswered questions can delay the quote.
2. When you feel that a response on a proposal form is vague you can probably bet that the underwriter looking at the proposal will feel the same way too. In these circumstances it is best to have your client provide more information prior to submitting the proposal form.
3. If your client’s business activities are unusual, please ask them to provide a clear description about all the services they offer including a breakdown on each activity.

Claims Information

If your client has some claims activity, then this can impact our response to the risk. It is important that the following information is provided in the submission for each claim:

• comprehensive description of the claim;
• claimant details;
• date of claim;
• whether the claim status is close or open;
• details on any amounts incurred (paid and/or reserve amounts) including any settlements and legal costs; and
• a copy of the claims experience report from the insurer that has the claim.

The nature and size of a claim is an important factor when assessing a risk. Equally important is understanding what corrective action your client has taken to prevent or reduce the risk of a similar claim from occurring. Your client’s response will help us to understand their risk management and the likelihood of a claim occurring in the future.

Spell out the cover required

In the quote submission Process, include the particular level of cover required for your client. For example:

Indemnity limit: Outline what policy indemnity limits or any options that are required. As a general rule, our quoting system can provide up to three (3) quote options at any one time.

Excess: Outline what excesses are required. Any proposed excess levels will be taken into consideration. However, the nature of the risk can dictate what we are prepared to offer by way of excess options.

Policy Cover: If there are any specific coverage requirements, please detail these in your client’s submission.

When do you Require terms?

Outline the date you require terms by. If this is time sensitive, consider using Berkley Insurance Australia’s (BIA) automated broker portal, bindIT, as an option for obtaining a quote. bindIT allows you to obtain ‘Quick Quotes’ in just 30 seconds. You can instantly bind and download policy documents for submissions that do not require a referral. Here is the link to the bindIT portal.

Give us a Call

If at any time you are unsure about what information needs to be provided or if you have any queries on risk appetite, you can call us to discuss. At BIA we are all about having accessible local underwriters supporting local brokers and their clients.

By applying the above insights to quote submissions, you will assist your client to understand the submission process and place them in the best position to receive a quick response.

Important Notice

Berkley Insurance Company (limited company incorporated in Delaware, USA). ABN 53 126 559 706 t/as Berkley Insurance Australia is an APRA authorised general insurer. Information provided is general only. Intended for brokers and has been prepared without taking into account any person’s particular objectives, financial situation or needs. It is not intended to constitute legal advice. You should always obtain legal or other professional advice appropriate to your own circumstances. Insurance cover is subject to terms, conditions, limits, and exclusions. When making a decision to buy or continue to hold a financial product, you should review the relevant Policy Wording.