Within the olden days, earlier than Zoom or Microsoft TEAMS, and even earlier than (gasp) e mail … when a surety agent would submit an account to a surety underwriter there was this bizarre factor that might be hooked up: a submission letter!!!! The letter would mainly inform a narrative concerning the account that was being submitted, giving details about its background, who the homeowners had been, and ideas on their future plans and targets. This letter didn’t substitute a face-to-face assembly, however it might 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 immediate 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 today are so busy operating from one fireplace to the subsequent that sitting down to jot down this letter looks like a waste of treasured time. As a one-time agent, I took nice delight 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 might 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 de facto being stated within the monetary statements? What is de facto being stated within the Contractor’s Questionnaire? Whereas the monetary statements and questionnaire can present plenty 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 rationalization.
A submission letter may also inform a narrative concerning the account, for instance, who began the corporate and the way previous it’s, giving a really feel for the kind of expertise the homeowners have of their area of interest. Have been they a by-product or a brand new firm? Does the proprietor have plenty of expertise or simply plenty 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 plenty of details about the account in a concise method, and most significantly, it could actually set the tone of the underwriting course of. A letter with stable background info and an trustworthy backstory will put all the things else in a optimistic mild. In comparison with an e 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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