By Kara Whitlow, Office Assistant
The initial submission process is one of the most important first steps in the insurance world. Each submission is carefully looked at in order to find the market that is most suitable for the risk. Beacon Hill Associates tries to only send a submission to certain markets that best fit the type of risk; this way, the submission is sent to markets that have an actual interest in writing the account.
Once the office assistants enter a new agency into our system, they send out a Producer Agreement to the agent. The Producer Agreement is a contract that the new agent will have to sign in order to conduct business with us. This agreement is important because it states that the Producer agrees to the terms set forth by us as to how we pay commissions, what both parties’ responsibilities are to each other, and explains the premium responsibility. We also send out another email after the Producer Agreement which contains marketing information about the products we offer. Once we receive the signed Producer Agreement back from the agent, it is counter signed by Beacon Hill’s President, Bill Pritchard. The fully signed contract is then forwarded to the agent for their records.
On our website we have a section that showcases the types of classes and submissions we specialize in. Here you will find different types of coverages we work with and information about them. This section is useful for agents and insureds because it showcases target risks that need Pollution coverage and the different lines that can address potential environmental exposures.
Submission Procedure Steps
1. We receive a submission. The submissions are sent mainly via email to a person in the office and then forwarded to the submissions email address: email@example.com.
2. We search our system to see if we have already received the submission previously.
3. If we cannot find it, then we enter basic information from the application, along with the submitting agent’s information.
4. Next we will assign a region and an Account Executive to the account, depending on where the submitting agency is located.
5. We then fill out a submission form which we send to the assigned Account Executive to notify them of the new account in the system.
6. The Account Executive will receive the submission form and look at the account to determine if the account is a good fit for us and which markets would be appropriate. They will contact the agent for additional information if needed.
7. Once the submission is sent to the best suited markets, we will receive the completed submission form from the Account Executive.
8. The form will have information on it such as the description of risk, what type of coverage they are seeking, effective date, and what markets the submission was sent to. We then enter the information into our system and email a receipt to the agent. The receipt is a confirmation of the account, type of coverage, and effective date.
9. The Account Executive will receive a quote from the carrier(s).
10. The quote is then processed through our system and then emailed to the agent.
This procedure ensures that all submissions receive the appropriate attention in a timely manner. Beacon Hill carefully evaluates each submission in order to get the information needed to provide a fair quote. The care and attention that goes into addressing submissions is one of the reasons why our submit-to-quote ratio is consistently so high each year. For more information about our processes and environmental insurance policies, please contact us.