Putting Lipstick on Your Risk Control Program

Preparing your program for submission to carriers requires you to emphasize your strengths and address your weaknesses. “The underwriter is the deciding factor when risk managers buy insurance, so it behooves them to do everything they can to get underwriters to look favorably at their risk,” said David Randall, Vice President of Public Entity Underwriting. Underwriters make decisions by evaluating if your company is a high- or low-quality risk and if your company has undergone a good or poor experience.

Underwriters want you to give them as much information as possible so that they have ample information to evaluate your submission. They are looking for a reason to move you to the top and give you the best possible terms. Here are some suggestions on how to achieve that:

1. Sell your program – Tell the carrier exactly why they would want to underwrite your account.
2. Tell your story – Explain your experiences and be truthful. If you do not tell your side of the story, your underwriter is going to learn it through an internet search, which is not always going to shed the best light on your claims history.
3. Clarify your history – Do your loss runs make sense? Do you thoroughly understand your budget? If your history does not make sense to you, it is not going to make sense to your underwriter.

Your broker can be a great ally in this process. Collaborate with your broker to make sure the correct message is communicated with each submission. When you do receive your quotes, discuss them to determine which insurance carrier will best serve your business.