In an increasingly competitive and complex insurance landscape, standing out in an underwriter’s inbox can make all the difference. For brokers, the quality of their submissions directly impacts the speed, accuracy, and favourability of the terms offered to clients.
But what exactly does a standout submission look like? And how can brokers refine their approach to not only secure more competitive premiums but also strengthen long-term relationships with underwriters? FullCircl, a first-of-its-kind single orchestration platform that brings regulation fully in step with customer acquisition, answered those key questions in its latest blog.
Accuracy is essential
Accuracy remains the single most critical factor in successful underwriting submissions. According to industry findings, 95% of underwriters say data quality and accuracy are major concerns. Errors – even minor ones like incorrect locations or outdated business data – can distort risk evaluations, lead to inaccurate cover, and result in clients receiving unfavourable terms.
A worrying 45% of key client data, such as turnover and asset information, held by brokers has not been updated in over three years.
However, this is easily addressed by using up-to-date, validated client intelligence. Brokers who incorporate verified address data, financial metrics, ownership structures, and legal records into submissions give underwriters a more reliable basis for risk assessment.
Descriptive clarity matters
As businesses continually evolve in response to market forces, standard classifications such as SIC codes fall short. Submissions need to offer a complete, current, and detailed picture of a client’s operations.
This means going beyond surface-level descriptions to incorporate real-time insights into a business’s activities. Solutions like Real-Time Industrial Classifications (RTICs) enable underwriters to evaluate risk more precisely, especially in sectors undergoing transformation due to innovation, geopolitical shifts, or supply chain disruption.
More information means better underwriting
Underwriters consistently say they welcome comprehensive submissions. “Less is more” does not apply here. Rich, in-depth presentations that are well-structured and informative can greatly increase the chances of favourable terms.
Particularly in complex or multi-sector environments, data depth helps underwriters match clients to products that truly reflect their risk. One growing area of interest is ESG data, which can be used to evaluate exposures, drive policy innovation, and improve loss ratios.
Reduce errors, save time
Minimising human error is a quick win that benefits both brokers and underwriters. Double keying and omissions can be avoided with tools that automatically pull client data from validated sources such as HMRC, Companies House, and credit reference agencies.
These efficiencies free up time and improve accuracy, ensuring submissions are not only faster but also more complete.
Investing in tech offers long-term rewards
Technology is more than a time-saver – it’s a strategic asset. Chambers, Jones, and Whitley agreed that real-time data access, automated workflows, and predictive analytics give brokers and underwriters the tools to triage, evaluate, and respond to risks more effectively.
By integrating a single client view and using data to personalise offerings and monitor risk exposure over time, the entire ecosystem becomes more agile. In today’s fast-changing landscape, that agility could be the difference between success and missed opportunity.
Read the full blog from FullCircl here.
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