As the insurance market continues to harden, the significance of delivering efficient quotation submissions to underwriters and insurers has never been more pronounced. Streamlining this process is paramount to enable underwriters and insurers to thoroughly and accurately review the risks involved, ultimately securing appropriate cover for your clients.

In today’s challenging market environment, where premiums are rising and capacity is tightening, prioritsing efficiency and providing clear, comprehensive quotation submissions not only expedites the assessment process but also enhances the likelihood of obtaining favourable terms and coverage for your clients.

AIB takes immense pride in its reputation for proficiency and swift response times. With a dedicated team committed to delivering exceptional service, we prioritise promptness in addressing broker inquiries, processing quote submissions, and providing timely assistance at every stage of the insurance journey. By consistently striving for excellence in our operations, we aim to exceed expectations and cultivate enduring partnerships built on trust, reliability, and superior service delivery. We’ve put together a guide for brokers to help us achieve the best outcomes for you and your clients.

1. Understanding the Quote Submission Process:

  • The typical steps involved in submitting a quote request can look something like this:
    • Gathering client information: The process begins by gathering all relevant information from the client. This includes details about their business, such as the nature of their operations, size, location, and any unique risks they may face. Additionally, information about past insurance claims, coverage history, and desired coverage limits is collected.
    • Assessing risk: Once the necessary information is collected, the broker evaluates the client’s risk profile. This involves analysing various factors such as industry trends, regulatory requirements, and the client’s claims history to assess the level of risk associated with insuring the client.
    • Determining coverage needs: Based on the client’s risk profile and specific requirements, the broker determines the type and amount of coverage needed. This may involve selecting appropriate insurance policies or endorsements to address the client’s unique risks and exposures.
    • Preparing submission materials: After determining the coverage needs, the broker prepares a submission package to present to potential carriers. This package typically includes a completed application form, the client’s risk profile, loss history, and any other relevant documents requested by the carrier.
    • Selecting Underwriters/Insurers: The broker identifies and selects potential underwriters/insurers that are best suited to meet the client’s needs. This may involve researching different insurance companies, assessing their financial strength, underwriting guidelines, and pricing competitiveness.
    • Submitting quote requests: Once the submission package is prepared and underwriters are selected, the broker submits the quote requests to the chosen underwriters. This is typically done electronically through an online portal or via email.
    • Negotiating terms: After receiving quotes from underwriters, the broker reviews and compares the terms, coverage options, and pricing offered by each underwriter. They may negotiate with underwriters to obtain favourable terms and pricing on behalf of the client.
    • Presenting options to the client: Once all quotes are received and reviewed, the broker presents the options to the client. They explain the differences between the quotes, including coverage limits, deductibles, and premiums, and provide recommendations based on the client’s needs and budget.
    • Finalising coverage: After the client selects a preferred option, the broker works with the chosen underwriter to finalise the coverage. This may involve completing additional paperwork, providing any necessary documentation, and arranging for payment of premiums.
    • Issuing policies: Once all requirements are met, the underwriter issues the insurance policies to the client. The broker ensures that the client receives the policies and understands their coverage and obligations under the terms of the policy.
    • Providing ongoing support: Throughout the policy period, the broker continues to provide ongoing support to the client. This includes assisting with policy renewals, making updates to coverage as needed, and advocating on behalf of the client in the event of a claim or other issues.
  • In summary, accuracy and completeness in the information provided are fundamental to the insurance process. By prioritising risk assessment, policy adequacy, claims processing, maintaining compliance, and continuing client trust and satisfaction, brokers can mitigate risk and ensure adequate coverage for their clients.

2. Preferred Methods of Quote Submission:

  • For the most efficient method of submitting a quote to our AIB Wholesale team, please utilise email. You can easily find our contact details on our website or directly reach out to a team member if you have their information. Alternatively, you can email wholesale@aibinsurance.com.au, and we’ll promptly direct your query to one of our knowledgeable underwriters.
  • By emailing your submission, it allows for several advantages such as:
    • Convenience; to send the requests any time and anywhere.
    • Speed: submissions can be sent instantaneously, leading to quicker response times.
    • Documentation: by sending an email there is now a trail of communication and easier to reference details.
    • Accessibility: multiple attachments can be provided relating directly to the submission, ensuring all necessary information is included in one place.
    • Flexibility: allows you to follow up on submissions, clarify any questions, or provide additional information as needed, fostering efficient communication and collaboration between yourself (broker) and the AIB Wholesale team.

3. Essential Information for Efficient Quoting:

  • Key information that brokers should include in their quote submissions to help expedite the quoting process to allow the AIB Wholesale team to provide a faster turnaround time includes:
    • client details (full insured name, principal place of business, business activities, turnover),
    • coverage requirements,
    • and any relevant documentation which can include but not limited to; proposal forms, claims histories, financial documents, stamp duty exemptions, risk management documents and waivers.
  • Common mistakes or omissions that can delay the quoting process and hinder our ability to accurately assess the risk include:
    • Incomplete information
    • Inaccurate or outdated documentation and information
    • Unclear coverage requirements or incorrect policy type/limits
    • Lack of communication (failing to respond to queries or requests for additional information)

4. Tips for Effective Communication:

  • By following the below strategies, the AIB Wholesale team can expedite the quoting process.
    • Provide clear and concise information including the clients risk profile, coverage needs and any relevant details upfront.
    • Be responsive: respond promptly to any inquiries or requests for additional information to help prevent delays and keep the quoting process moving forward smoothly.
    • Build relationships: the AIB Wholesale team is an easy-going and friendly crew. By building rapport this can help you negotiate favourable terms and quicken the process. We are always up for a chat or grabbing a coffee.
    • Providing detailed submissions can help us assess the risk more efficiently and accurately.
    • We kindly request limiting follow-ups on submitted quote requests, as you can be sure of prompt and efficient action from all the AIB Wholesale team.
  • Following these strategies will expedite the quoting process. Providing all necessary details upfront ensures that our underwriters are doing the best job that they can.

5. Leveraging Technology to Streamline Quoting:

  • We’ve recently revamped our website to make it easier for brokers to access crucial information and relevant documents needed for quoting and facilitating renewals.

6. Best Practices for Quote Follow-Up:

  • AIB strive to achieve a 24-48 hour turnaround time. During the busy seasons, we appreciate your patience as our team works diligently to address your queries. Should your request fall outside our authority, triggering a referral, we’ll notify you promptly and endeavour to resolve it within another 48-72 hours. If you feel your query requires urgent attention or has been overlooked, please don’t hesitate to contact us via email or telephone.
  • Some recommendations for following up on quote submissions, managing client expectations, and tracking progress:
    • Establish clear communication channels: Ensure clients know how and when they can expect updates on their quote submissions. Provide them with contact information for reaching out with any questions or concerns.
    • Set expectations early: Clearly communicate the typical timeline for receiving quotes and updates from underwriters. Managing client expectations upfront can help prevent frustration later on.
    • Follow-Ups: Schedule follow-ups with underwriters to check on the status of quote submissions. This demonstrates proactive communication and ensures that submissions are not overlooked.
    • Address outstanding issues promptly: If there are any outstanding issues or missing information delaying the quoting process, address them as soon as possible. Work with the client and underwriter to gather any necessary information and resolve the issue efficiently.
    • Provide timely updates and be responsive to clients: Keep clients informed of the progress of their quote submissions, including any delays or issues encountered, and respond promptly. Transparency is key to maintaining trust and confidence in your services.
    • Offer Alternative Solutions: If there are significant delays or challenges in obtaining quotes from certain underwriters, consider offering alternative solutions or exploring other options to meet the client’s needs.

To streamline quoting and elevate client service, brokers must prioritise accuracy, utilise email submissions for convenience, communicate effectively with underwriters, leverage technology updates, and adhere to best practices for follow-up. Implementing these strategies not only enhances efficiency but also ensures client satisfaction. Therefore, it’s essential for brokers to adopt these tips and strategies to deliver superior service and achieve optimal outcomes for their clients.