{"id":12894,"date":"2021-07-08T04:07:43","date_gmt":"2021-07-08T08:07:43","guid":{"rendered":"https:\/\/www.resourcepro.com\/boost-your-quotable-business-with-submission-triaging\/"},"modified":"2024-07-15T10:15:14","modified_gmt":"2024-07-15T14:15:14","slug":"boost-your-quotable-business-with-submission-triaging","status":"publish","type":"post","link":"https:\/\/www.resourcepro.com\/blog\/boost-your-quotable-business-with-submission-triaging\/","title":{"rendered":"Boost Your Quotable Business with Submission Triaging"},"content":{"rendered":"\n

Don\u2019t waste time on out-of-appetite submissions<\/strong><\/h2>\n\n\n\n

As the insurance industry\u2019s talent crisis continues, carriers are finding it increasingly difficult to hire and retain qualified underwriting talent, putting a huge crunch on underwriting operations. To maintain strong relationships with their distributors and insureds and continue growing profitably, it\u2019s more important than ever for carriers to seek out new ways of improving efficiency.<\/p>\n\n\n\n

One common challenge lies in submissions. Without a structured approach to prioritizing submissions, underwriting teams can find themselves wasting time on submissions that are out-of-appetite, leading to delayed quotes, loss of good quality business, staff fatigue, and reputational damage among distribution partners.<\/p>\n\n\n\n

Developing a standardized approach to clearing and triaging submissions can ensure that underwriters devote more time toward those that are profitable while quickly declining or rerouting those that are not.<\/p>\n\n\n\n

Let\u2019s take a look at how one insurance carrier partnered with ReSource Pro to do just that.<\/p>\n\n\n\n

CASE STUDY: IMPROVING UNDERWRITING EFFICIENCY<\/strong><\/h2>\n\n\n\n

A leading A.M. Best A (excellent) rated excess and surplus (E&S) lines carrier found itself facing a flurry of submissions. With no standardized approach to clearing and triaging them, the carrier struggled to keep pace and faced challenges prioritizing and quoting in-appetite business in a timely fashion.<\/p>\n\n\n\n

Read Full Case Study<\/strong><\/a><\/p>\n\n\n\n

SOLUTION: SUBMISSION TRIAGING<\/strong><\/h2>\n\n\n\n

Realizing the importance of the matter, the carrier engaged with ReSource Pro to support its submission clearance and triage process.<\/p>\n\n\n\n

As a first step in the engagement, a dedicated ReSource Pro team assumed responsibility for submission clearance, allowing the carrier to free up resources to focus on the quote-rate-bind journey. The ReSource Pro team then worked with the carrier to develop a triage process and rules to auto-decline submissions that did not meet the established criteria, including underwriter instructions, distribution channel, geography, lines of business, and industry.<\/p>\n\n\n\n

Rather than \u201csubmit-to-quote,\u201d the process transformed into \u201csubmit-to-triage\u201d and \u201ctriage-to-quote.\u201d<\/p>\n\n\n\n

THE IMPACT: MORE QUOTABLE BUSINESS AND FASTER FOLLOW-UPS<\/strong><\/h2>\n\n\n\n

After partnering with ReSource Pro and implementing the necessary changes, the carrier soon saw submission review time drop from days to 24 hours, including clearance, declinations, and distribution to the correct underwriting team. Thanks to the new submission triage process, approximately 35% of submissions were declined or triaged to different teams. Consequently, nearly 100% of the business that underwriters did see was quotable.<\/p>\n\n\n\n

By working with ReSource Pro to integrate people, process, technology, and data across their underwriting and policy servicing department, the company was able to:<\/p>\n\n\n\n