P&C New Business Underwriting
A significant part of the underwriting process involves analyzing data to determine whether something will be an acceptable risk. Our team at Selectsys is equipped to assist your underwriting team with the analysis process, saving you time and strengthening your risk management.
Selectsys team members can assist with numerous underwriting tasks including:
- Application Review
- Business Operation Analysis
- Loss Analysis
- Risk Assessment Document Analysis (Credit Rating, SAFER Score, CAB Report, MVRS, Inspection Reports, etc.)
- Quoting
- Preparing Underwriting Notes
Application Review: Selectsys team members will review all applications to confirm completion, and check for accuracy in your management system. If any information is missing, we will request it from the agent/insured, ensuring your underwriter has everything they need to decide on whether to accept the risk. We will also review the application and questionnaire and make note of any significant findings for the underwriter.
Business Operation Analysis: Our team will research the nature of business in order to understand the activities and risks involved in the operation. This process helps determine the proper class code for quoting.
Loss Analysis: Loss Analysis includes gathering previous term’s loss runs, reviewing them, and producing the loss ratio analysis. We will separate the claims into Physical Damage and Liability Claims and note any open claims. We will then calculate the Loss Ratio based on set guidelines. This key information helps underwriters easily see how the risk has performed in the past and whether they have been a profitable risk. Underwriters can also use this information to help determine if the business has modified its operations to prevent or eliminate future claims.
Quoting: After all data analysis has been completed, the Selectsys team will go into multiple carrier systems to generate an initial quote.
Risk Assessment Document Analysis: The team at Selectsys is familiar with the risk assessment documents and will gather and review each report for your underwriting team.
- OSHA Accident Logs – Utilized to better understand the complexity of the risk.
- Inspection Reports – Give insight into the proper classification for the risk. Also, provide information on the workplace including the property, operation, any hazards present, and any safety precautions in place.
- EMR (Experience Modification Rate) – Provides historical information including the previous class codes, payroll, and claims.
- MVRs (Motor Vehicle Reports) – Provides driver information (license status, violations).
- FMCSA Safer Report and CAB Report – Provide information on coverage history, number of power units, number of drivers, cargo carried, inspections, accident information, etc.
Preparing Underwriting Notes: Once the quotes are all generated, our team will provide all notes pertaining to the risk – the business information, loss analysis, risk assessment documents, and premium information from the quotes. This will help the underwriter to make the final decision on the risk.
