Being able to obtain a quick quote is important to brokers – 34% named it as one of the top qualities they look for in a carrier. The good news is that carriers have improved markedly in this area over the past year, earning an average score of 8.06, compared to 2018’s 7.60. In their comments, brokers noted improvements in timeliness, quoting ability and turnaround.
This crucial process requires efficiency, knowledge and strong communication, and one broker praised their carrier for being “very efficient in getting back to you after a submission is made as to anything missing,” while another noted that their carrier’s “turnaround time is pretty good.”
Brokers commented on the frequency of declines, delays while waiting for underwriter approval and the need for further education
However, not all carriers are meeting brokers’ expectations in this area, resulting in more than just delays. “They have lost some of my business due to [being] slow to approve quotes,” one broker said. Others commented on the frequency of declines, delays while waiting for underwriter approval and the need for further education. “The labor shortage is impacting the timeliness of quotes,” one respondent added.
When asked what they’d like to see improved about the quoting process, brokers requested “expedited approvals on quotes,” “renewal quotes sent out earlier,” “rating software that is quick and easy,” and “a simpler workflow.”