Definition
What is the third milestone in the Renewal process?
Submission
What is the Summary and Description of Operations?
This document provides high-level overview of the client's work, risks and structure
What is with as much detail as possible?
The instruction for drafting a submission: "Paint a picture of the entire risk" using this specific instruction
What is the bottom of the pile?
An incomplete and inaccurate submission may often be ignored and wind up at this undesirable location
What is the Process of Submission?
Overall process of providing detailed information about an organization or asset to an insurance company to request coverage
What is the 90-60 days timeframe?
The timeframe, in days out from Renewal, when the Submission process is scheduled to occur
What is the Named Insured Schedule?
This mandatory document details all entities, locations or companies to be covered
What are great photos?
Adding these visual aids to the submission to better "paint a picture" of the risk
What are good results?
An underwriter stated that if you give half of the information, you are not going to get this result
What document has to be retrieved/updated within 60 days?
Loss runs need to be refreshed this many days before the renewal date
Who/what are the insurance markets (or carriers)?
Specific group where Marsh begins to send client information in pursuit of quotes
What is the preferred target quote by date?
A fully completed submission must include effective and expiry dates, along with this other target date
What is waste of time?
Cutting corners and leaving out application questions will inevitably do this (waste of time)
Can information be ignored when submitting information for a quote?
No, a submission is a waste of time if they don't have the information needed even to provide a quote
Can a Submission be sent using an Excel workbook?
Yes, besides a Word document or an email, a Submission can also be sent in this common spreadsheet application format
What is the reference to a document/email that contains client information sent to carriers?
Submission, refers to both the milestone and the document/email that contains client information sent to carriers
What is Five Years or 5+ years?
This is the minimum required amount of historical data, in years, for the detailed Loss History document
What are comprehensive and accurate?
A submission that is both thorough and detailed is described using these both adjectives
What could be referenced as top of the pile?
A complete submission naturally allows the representative's account to go the this desired location in the underwriter's queue
What additional financial documents have to be included in the Submission?
Financial Statements
What is the Client Service Cycle?
This is the name of the overall multi-step process that contains the Submission milestone
What is the name of the insurer(s)?
In addition to the Loss History, this specific piece of information about the past insurance companies must be included
What is comprehensive, thorough, detailed, and accurate submission?
Ensuring the right coverage for the client starts with achieving this level of submission quality
What could be the biggest impediment when working on tight timelines?
Time, due to tight timelines on already-busy schedules, this is cited as the biggest impediment to getting all the information underwriters need
What is the best way to accelerate the quoting process?
The best way to achieve this is by submitting a complete and accurate submission