Within the olden days, earlier than Zoom or Microsoft TEAMS, and even earlier than (gasp) e-mail … when a surety agent would submit an account to a surety underwriter there was this bizarre factor that may be hooked up: a submission letter!!!! The letter would mainly inform a narrative in regards to the account that was being submitted, giving details about its background, who the homeowners have been, and ideas on their future plans and objectives. This letter didn’t exchange a face-to-face assembly, however it could present context to the opposite info being submitted, equivalent to monetary statements, financial institution letters and the Contractor’s Questionnaire.
Today, within the insane hustle and bustle of on the spot communication, the submission letter has all however disappeared. You do nonetheless often see it — like a white rhino in a nature protect, it’s on the market, however so uncommon as to be virtually extinct. Brokers today are so busy working from one hearth to the following that sitting down to write down this letter looks like a waste of valuable time. As a one-time agent, I took nice pleasure in having the ability to craft this letter for my accounts. It was my probability to immortalize their previous achievements and to speak up their capabilities in a transparent and succinct method that may not get misplaced in all the opposite info being submitted.
When underwriters see a submission letter, I assure they cease and take discover, in all probability even spill their afternoon latte in shock. The very first thing {that a} letter says to an underwriter is that the agent is invested on this account and really is aware of them. A well-written letter will knit collectively all the usual info from a submission. What is basically being mentioned within the monetary statements? What is basically being mentioned within the Contractor’s Questionnaire? Whereas the monetary statements and questionnaire can present loads of good info, they not often give any backstory or reason issues are the best way they’re. The submission letter ought to present that backstory or rationalization.
A submission letter may also inform a narrative in regards to the account, for instance, who began the corporate and the way previous it’s, giving a really feel for the kind of expertise the homeowners have of their area of interest. Have been they a derivative or a brand new firm? Does the proprietor have loads of expertise or simply loads of gumption to exit on their very own? What sort of tasks have they labored on up to now, and what sort of householders have they labored for?
The submission letter may give loads of details about the account in a concise method, and most significantly, it may well set the tone of the underwriting course of. A letter with stable background info and an sincere backstory will put the whole lot else in a optimistic mild. In comparison with an e-mail with a few fast feedback and 15 attachments, the submission letter will transfer your submission to the highest of the pile, to not a folder within the underwriter’s inbox.
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