Insurance Carriers Should Get the Underwriting Assessment Support They Need

Insurance Carriers Should Get the Underwriting Assessment Support They Need

Apr 2, 2020

While reviewing insurance applications or policy updates, companies must consider a variety of factors to analyze the risk and decide whether they should accept the policy, and at what cost and conditions. With so many variables, it’s important to seek recommendations from an unbiased third-party vendor that can offer comprehensive insight about risk potential, while staying within the applicable underwriting window.

Any third-party vendor should be unbiased and provide the following attributes to make assessing risks more accurate and more efficient.

1) Expert Advice

Understanding the insurance process is only part of the equation. A third-party partner should be able to offer subject matter expertise on what you need evaluated — whether it’s for personal lines; commercial lines; farm and agribusiness; workers’ compensation; or liability policies. Your needs may require only an outside examination or a complete inspection inside and out, but the onsite partner should know what to look for.

Consider a residential property, for example. The risk review needs to evaluate the roof’s age and its characteristics and structural details; if the building has historical home restrictions; if it’s vacant; and if there is potential for weather exposure or natural hazards, among other factors.

Those handling the evaluation should have a wealth of experience and knowledge to accurately score and assess a home or business so the insurance carrier can accept a policy with fewer unknown risks.

2) Innovative Technology

The days of walking around with a pencil and a clipboard are over. Companies need to rely on a partner with technology that’s ahead of the curve to ensure efficient data organization and report structure, which will guarantee consistency and accuracy every time. As customers, you should be able to opt into receiving and reviewing monthly and ad hoc reports on your inspection data. You can identify trends by comparing the inspection reports and hazard scores.

Getting photographs off a device shouldn’t delay a report either. Phone applications should allow them to be uploaded while an assessor is onsite, or very shortly after.

Third-party vendors should always be mindful of the limited underwriting time — and work inside its confines. Photo Credit: “Deadline” by AbsolutVision/ CC BY 4.0

3) Quick Time Service

The insurance industry is trending on doing more work with fewer people while still staying in the confines of the limited underwriting period.

Service-providing partners can help keep you on track while shouldering some of the hassle and effort. They should be able to have risk assessments completed in 30 days, or, thanks to new technology, much sooner.

4) Customizable Reports

A policy up for renewal may not need as complex of a risk assessment as that of a new client. You should be able to choose how in-depth the report should go.

If you only need a pre-screening risk assessment with critical information, you shouldn’t have to wait or pay for a full report. However, there should also be an option that provides all hazards and conditions; fire protection; and exposures with graded scores to deliver comprehensive critical risk data for commercial, residential, workers compensation, or liability coverage.

Have a partner you can count on when you need it most. Photo Credit: “Business Handshake” by Nappiness/ CC BY 4.0

5) Open-ended Agreements

Not only should the assessments be customizable with a third-party partner, so is the workload you assign. During portions of the year, you may have more work than current staff can handle. Rather than hire an employee with full pay and benefits who you may only need temporarily, contract a third-party partner that can provide the extra set of hands.

This can deliver a significant cost savings as well as a method of keeping a balanced workforce. You would neither need to hire an employee only to then lay that person off, nor would you have staff being unproductive during the slow times. A risk assessment partner is there when you need it — and can be put on hold when you don’t.

6) Superior Customer Service

The way to properly do business is not only about dollars and cents. It’s also about customer experience, the relationships that are formed, and the treatment of you and those who have put their trust in your company. You don’t want a third-party vendor who is going to ruin that or simply look at you or your customer as an invoice. You want a trusting partner to rely on.

Listening and maintaining rapport are important.

Continuing a legacy, JMI Reports has been meeting and exceeding these qualities as an ideal service provider within the insurance industry for 33 years. We provide assessments driven by knowledge, experience, and innovative technology, while also giving superior customer service — all within the necessary timetable required. Contact JMI to see how we can use our better data and better processes to give you better results.

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