Let’s face it, placing risks with underwriters can sometimes feel like navigating a minefield, especially when premiums are on the rise and insurance capacities seem to be shrinking. For brokers, the pressure is on to secure the best possible terms for clients, but this process can often be frustrating. So, how can you make the experience smoother and more successful? Let us explore how comprehensive Broking notes, clear risk status, and early engagement with underwriters can turn potential obstacles into opportunities.

1. The Power of Detailed Broking Notes

Imagine trying to piece together a puzzle with half the pieces missing – this is what it’s like for an underwriter who receives incomplete Broking notes. The more information you provide, the clearer the picture, allowing underwriters to assess and accept risks more confidently and swiftly.

What Should Your Broking Notes Include?

Here is your checklist for Broking notes that speak volumes:

• Insured Name & Economic Activities: Who are we covering, and what do they do?
• Renewal Date: When is the existing policy up for renewal?
• Why PARTNER RISK?: What brought you to us, let us know!
• Broker Status: Are you the appointed broker, or are you challenging the incumbent? If so, please remember to attach a Letter of Authority.
• Lead Insurer Details: Who is currently leading the coverage, and who is proposed for renewal?
• Policy Wording: Are we talking Assets All Risks or Multi-peril?
• Loss & Claims History: What is the insured’s track record over the past five years?
• Insured Values & Locations: Please share insured values split by location (Excel format, no VAT), and do not forget the postal codes!
• Underwriting Surveys: Any recent reports (within the last three years) are invaluable.
• Structural Cover Options: What are we looking at for policy loss limits, deductibles, and capacity percentages?
• Risk Status: Give us the lowdown on any significant losses and the measures taken to prevent a repeat.
• Minor Cover Limits & Extensions: Let us not overlook the details – what minor covers and extensions are needed?

Think of Broking notes as your first handshake with the underwriter – firm, confident, and leaving a lasting impression. The more comprehensive they are, the quicker and smoother the process will be.

2. The Importance of Clear Risk Status

Underwriters love detail, especially when it comes to risk status. This is where you can really shine by showcasing the insured’s proactive approach to risk management.

Key Elements to Highlight:

• Protection Systems: What is in place to prevent fire and theft? Are there solid systems and responsive measures ready to go?
• Risk Management Maturity: Is the client taking a holistic approach to risk, with clear responsibilities at every level, and a culture of accountability led from the top?
• Loss Experience: What is the history over the last 3-5 years? We need frequency, cause, and value of losses, as well as actions taken to mitigate future risks.

A well-documented risk status not only helps in securing acceptance but also builds trust with the underwriter, leading to better terms and a more positive working relationship.

3. Don’t Leave It to the Last Minute

We all know the saying, “The early bird catches the worm,” and it couldn’t be more relevant in the world of insurance. Last-minute approaches often suggest a distressed placement, which doesn’t exactly inspire confidence.

The Early Engagement Advantage:

• Plan Ahead: Start thinking about renewals well before the current policy expires – three months ahead is ideal.
• Understand and Communicate: Early discussions allow underwriters to get a clear understanding of the insured’s needs, reducing the risk of misunderstandings.
• Reduce Delays: By providing quality information early on, you can avoid unnecessary delays and frustrations.

Early engagement helps foster stronger relationships between brokers and underwriters, leading to more effective placements and fairer terms for insured clients.

Navigating the risk acceptance process does not have to be a source of stress. By providing detailed Broking notes, clearly communicating risk status, and engaging with underwriters early, you can transform challenges into opportunities. At PARTNER RISK, we are here to support you every step of the way, ensuring that together, we can secure the best possible outcomes for your clients.