Within the olden days, earlier than Zoom or Microsoft TEAMS, and even earlier than (gasp) electronic mail … when a surety agent would submit an account to a surety underwriter there was this bizarre factor that will be hooked up: a submission letter!!!! The letter would principally inform a narrative concerning the account that was being submitted, giving details about its background, who the house owners had been, and ideas on their future plans and targets. This letter didn’t change a face-to-face assembly, however it might present context to the opposite data being submitted, corresponding to monetary statements, financial institution letters and the Contractor’s Questionnaire.
As of late, within the insane hustle and bustle of on the spot communication, the submission letter has all however disappeared. You do nonetheless sometimes see it — like a white rhino in a nature protect, it’s on the market, however so uncommon as to be nearly extinct. Brokers today are so busy working from one hearth to the subsequent that sitting down to jot down this letter looks like a waste of treasured time. As a one-time agent, I took nice delight in with the ability to craft this letter for my accounts. It was my likelihood to immortalize their previous achievements and to speak up their capabilities in a transparent and succinct method that will not get misplaced in all the opposite data 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 truly is aware of them. A well-written letter will knit collectively all the usual data 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 a number of good data, they hardly ever give any backstory or reason issues are the way in which they’re. The submission letter ought to present that backstory or clarification.
A submission letter will even inform a narrative concerning the account, for instance, who began the corporate and the way previous it’s, giving a really feel for the kind of expertise the house owners have of their area of interest. Had been they a by-product or a brand new firm? Does the proprietor have a number of expertise or simply a number of gumption to exit on their very own? What sort of tasks have they labored on prior to now, and what sort of householders have they labored for?
The submission letter can provide a number of details about the account in a concise method, and most significantly, it may possibly set the tone of the underwriting course of. A letter with strong background data and an sincere backstory will put all the pieces else in a constructive mild. In comparison with an electronic 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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