Preparing a Submission

Preparing a Submission

Preparing a Submission

23 Nov 2022

Servca has seen a mixed bag of presentations/submissions during its time in the industry. Some have contained a great amount of detail, and some haven’t even included turnover information or rating factors. Here are a few tips and tricks to build the perfect presentation.

Tips and tricks to build the perfect presentation.

1. Provide an Understanding of the Business

Take time to fully explain the insured’s activities and the industries they work within. Alongside this, provide contract details and contract values, both for the total contract (TCV) and what the insured is receiving for their aspect of work. Adding Directors experience/CVs will always assist as well.

Ultimately, we are selling the business to an Underwriter and by demonstrating the strengths of a business as well as them maintaining this, we can get good results.

2. Providing a broad description

Alongside each contract it is extremely beneficial to also have a couple of lines commentary on the activities as well as an in-depth description on the insureds ‘Services’.

A lot of the time in today’s world clients will send over their business descriptions from the format of proposal forms and their activity split is left as follows:

- 50% Mechanical

- 50% Electrical Engineering

The above is of course fine but by elaborating on the services in finer detail and explaining your client’s specialism in this field, not only does it increase an underwriters understanding of what they are reading but by the insured explaining in detail it fills our underwriters with confidence based on the technical knowledge demonstrated.

3. Elaboration on any Key Points

When providing information, we can’t assume that an Underwriter would be able to work out the reasoning behind particular figures. For example, big increases and decreases in turnover from year to year is one we have seen a lot due to COVID, but if there are other reasons such as, loss of a particular contract or an influx of employment we should provide this information.

Likewise, if there is or has been a change in the structure of the business, please detail the reasons behind this and the aim of doing this.

4. Claims Information & Risk Mitigation

Unfortunately, many businesses’ deal with claims. When providing claims information, please do it in as much detail providing the claim information, settlements, reserves and steps taken to mitigate the chance of a future similar loss. If there is any correspondence from the holding insurer, this can also assist.

If your client has no claims or losses then your job is a lot easier, however you can still detail their risk management with things such as Terms & Conditions and Health & Safety as this will really put our underwriters at ease with regards to exclusions and limits on liability.

5. Providing a Target

Giving us a target premium will allow us to identify the best markets for the risk and also filter out any markets that this won’t be suitable for due to minimum premiums. Together with this, if there are any markets that have already been approached let us know as this will prevent us from approaching them and speed up turnaround times.

Summary

Submissions really are like telling a story about your client’s business.

The greater detail will assist the Underwriter to fully understand the business and therefore provide an accurate quotation which is both competitive and provides the correct coverage.

By putting the right amount of time into these presentations, you will see the rewards from it.

Tips and tricks to build the perfect presentation.

1. Provide an Understanding of the Business

Take time to fully explain the insured’s activities and the industries they work within. Alongside this, provide contract details and contract values, both for the total contract (TCV) and what the insured is receiving for their aspect of work. Adding Directors experience/CVs will always assist as well.

Ultimately, we are selling the business to an Underwriter and by demonstrating the strengths of a business as well as them maintaining this, we can get good results.

2. Providing a broad description

Alongside each contract it is extremely beneficial to also have a couple of lines commentary on the activities as well as an in-depth description on the insureds ‘Services’.

A lot of the time in today’s world clients will send over their business descriptions from the format of proposal forms and their activity split is left as follows:

- 50% Mechanical

- 50% Electrical Engineering

The above is of course fine but by elaborating on the services in finer detail and explaining your client’s specialism in this field, not only does it increase an underwriters understanding of what they are reading but by the insured explaining in detail it fills our underwriters with confidence based on the technical knowledge demonstrated.

3. Elaboration on any Key Points

When providing information, we can’t assume that an Underwriter would be able to work out the reasoning behind particular figures. For example, big increases and decreases in turnover from year to year is one we have seen a lot due to COVID, but if there are other reasons such as, loss of a particular contract or an influx of employment we should provide this information.

Likewise, if there is or has been a change in the structure of the business, please detail the reasons behind this and the aim of doing this.

4. Claims Information & Risk Mitigation

Unfortunately, many businesses’ deal with claims. When providing claims information, please do it in as much detail providing the claim information, settlements, reserves and steps taken to mitigate the chance of a future similar loss. If there is any correspondence from the holding insurer, this can also assist.

If your client has no claims or losses then your job is a lot easier, however you can still detail their risk management with things such as Terms & Conditions and Health & Safety as this will really put our underwriters at ease with regards to exclusions and limits on liability.

5. Providing a Target

Giving us a target premium will allow us to identify the best markets for the risk and also filter out any markets that this won’t be suitable for due to minimum premiums. Together with this, if there are any markets that have already been approached let us know as this will prevent us from approaching them and speed up turnaround times.

Summary

Submissions really are like telling a story about your client’s business.

The greater detail will assist the Underwriter to fully understand the business and therefore provide an accurate quotation which is both competitive and provides the correct coverage.

By putting the right amount of time into these presentations, you will see the rewards from it.

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE



+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE



+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE


+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies