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 connected: a submission letter!!!! The letter would principally inform a narrative in regards to the account that was being submitted, giving details about its background, who the house owners have been, and ideas on their future plans and targets. This letter didn’t exchange a face-to-face assembly, however it will present context to the opposite info being submitted, comparable to monetary statements, financial institution letters and the Contractor’s Questionnaire.
Nowadays, within the insane hustle and bustle of prompt communication, the submission letter has all however disappeared. You do nonetheless often see it — like a white rhino in a nature protect, it’s on the market, however so uncommon as to be nearly extinct. Brokers as of late are so busy working from one hearth to the subsequent that sitting down to write down this letter looks as if a waste of treasured time. As a one-time agent, I took nice pleasure in having the ability to craft this letter for my accounts. It was my probability 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 info 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 info 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 loads of good info, 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letter may also inform a narrative in regards to the account, for instance, who began the corporate and the way outdated it’s, giving a really feel for the kind of expertise the house owners have of their area of interest. Have been they a derivative or a brand new firm? Does the proprietor have loads of expertise or simply loads of gumption to exit on their very own? What sort of tasks have they labored on previously, and what kind of homeowners have they labored for?
The submission letter can provide loads of details about the account in a concise method, and most significantly, it could possibly set the tone of the underwriting course of. A letter with strong background info and an trustworthy backstory will put all the pieces else in a optimistic 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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