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 will be connected: 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 objectives. This letter didn’t change a face-to-face assembly, however it will present context to the opposite data being submitted, resembling monetary statements, financial institution letters and the Contractor’s Questionnaire.
Today, 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 lately are so busy working from one fireplace to the subsequent that sitting down to put in writing this letter looks like a waste of valuable time. As a one-time agent, I took nice satisfaction in with the ability to craft this letter for my accounts. It was my likelihood 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 data 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 really is aware of them. A well-written letter will knit collectively all the usual data from a submission. What is basically being stated within the monetary statements? What is basically being stated within the Contractor’s Questionnaire? Whereas the monetary statements and questionnaire can present a variety of good data, they hardly ever give any backstory or reason why issues are the best way they’re. The submission letter ought to present that backstory or clarification.
A submission letter may even inform a narrative concerning the account, for instance, who began the corporate and the way outdated it’s, giving a really feel for the kind of expertise the homeowners have of their area of interest. Had been they a by-product or a brand new firm? Does the proprietor have a variety of expertise or simply a variety of gumption to exit on their very own? What sort of tasks have they labored on previously, and what sort of homeowners have they labored for?
The submission letter can provide a variety of details about the account in a concise method, and most significantly, it will possibly set the tone of the underwriting course of. A letter with strong background data and an sincere backstory will put all the pieces else in a constructive 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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