Insurers need a fast, efficient, and well-supported onboarding process, especially when dealing with advanced tools and cutting-edge InsurTech solutions.
Obtaining loss histories can be problematic. But there are ways to get them easily, get a faster speed to quote, improve agency relationships, and improve your profitability.
$1.3 billion. According to a Verisk analysis of commercial portfolios, that’s the estimated amount of commercial property premium leakage occurring in just one year.
Other than historical loss experience, there are three fields on an insurance application that lay the groundwork for a general liability quote: address (territory), exposure (sales, payroll, square footage, etc.), and GL class.
Typically, when a general liability underwriter receives an application for insurance, the first task is to quickly determine if it’s a risk that can be written based on their underwriting guidelines.