How to Make Your Underwriters Happy

How to Make Your Underwriters Happy

We need to find ways to make an underwriter’s job easier and more efficient so that the carrier saves both time and money, and the underwriters are left happy and motivated.

The commercial vehicle underwriting process can be time-consuming and costly.   For most carriers today, underwriting is “more expensive and less efficient than it should be, at a time when the underwriting environment is becoming more complex.” With the massive amount of underwriting information available today, we need to find ways to make an underwriter’s job easier and more efficient so that the carrier saves both time and money, and the underwriters are left happy and motivated.  We have outlined 3 ways that Carrier Underwriting Reports can help achieve this goal.

#1 Optimize Workflow to Save Time

How do we optimize workflow?

  • We help underwriters custom align data reports according to workflow and/or guidelines.
  • We encourage customizing the Underwriting (UW) report so that the most crucial items display first.
  • Order the report sections down the page by priority, or in the order normally researched.
  • For example, if UW guidelines have ten prioritized requirements, order the summary page according to that priority. Say there are 10 steps; if you get to step 5, and the prospect doesn’t meet step 5 requirement, you can issue a rejection or declination at that point, so no additional research time is wasted.
  • API integrations and automation allows underwriters to easily push data back to the producer.
  • Automatically track unreported vehicles on scheduled policies
  • Push/pull data into the insurance company’s policy management system
  • Underwriters can access separate workflows for non-fleet, small fleet, medium fleet, large fleet, all tailored to the specific relevant guidelines.

#2 Provide Customer Support

How do we achieve this?

  • We offer personalized live training and support.
  • We provide one-on-one personalized virtual meetings tailored to internal team’s needs.
  • We allow you to share our reports with motor carriers, brokers, etc.
    • We also will host live truck-company-specific webinars with stakeholders (underwriters, agents, motor carriers) on report interpretation.

#3 Simplify Advanced Analytics Insights

One of the many ways we achieve this is using cohort/peer analysis. We use complex data calculations to evaluate company’s underwriting ratios to companies of similar fleet size and type. It can be seen easily if a company is performing better or worse than its peers. We provide peer comparisons for:

    1. Clean Inspection & Crash per Power Unit
    2. Basic Measures by Cargo Group
    3. Out of Service Rates by Truck Type & Fleet Size

Providing solutions to underwriters to help optimize their workflow, make sense of the massive amounts of data available, and do it all with the help and interaction from a real person is what we find important at Carrier Software.  Visit our webpage to browse our suite of products and find out how we can save you time and money and make underwriters happier along the way.

 

 

Summarize and simplify complex information= increased satisfaction and productivity

December 2022 Commercial Trucking Insurance Market Analysis: New Primary Liability Filings

December 2022 Commercial Trucking Insurance Market Analysis: New Primary Liability Filings

The Carrier Software Market Analysis provides retail agents and insurance companies a ranked list of the highest performing trucking insurance underwriters by various attributes, including total policies, BASIC measures, power unit groups, and more.

December 2022 Market Analysis Preview

Insurer

December 2022 Liability Filings

30 Day Change

1
UNITED FINANCIAL CASUALTY COMPANY
(PROGRESSIVE)
1732
-2%
2
PROGRESSIVE COUNTY MUTUAL
(PROGRESSIVE)
1058
-11%
3
GREAT WEST CASUALTY CO.
(GREAT WEST)
882
0%
4
ARTISAN & TRUCKERS CASUALTY COMPANY
(PROGRESSIVE)
872
+4%
5
CANAL INSURANCE CO.
(CANAL)
741
-3%
6
PROGRESSIVE
SOUTHEASTERN
INSURANCE COMPANY
(PROGRESSIVE)
661
-3%
7
PROGRESSIVE CASUALTY INSURANCE COMPANY
(PROGRESSIVE)
650
-6%
8
PROGRESSIVE NORTHERN INSURANCE COMPANY
(PROGRESSIVE)
612
-4%
9
NORTHLAND INSURANCE COMPANY
(TRAVELERS)
562
-6%
10
PROGRESSIVE MOUNTAIN INSURANCE COMPANY OF OHI
(PROGRESSIVE)
561
0%
… 310 More Insurers