State of Insurance Renewals Annual Report

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Table of Contents

1.1 Key Takeaway: Delivery Method

SECTION 1

Preparing & Delivering Submission Packets

1.2 Key Takeaway: Number of Forms

1.3 Key Takeaway: Finding Forms

1.4 Key Takeaway: Pre-Filling Info

1.5 Key Takeaway: Submission Packet Creation

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

Conclusion

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Summary

How their brokerage delivers insurance forms and applications to clients

SECTION 1

The number of forms they send

How long it takes to find these forms

How much time is spent pre-filling forms for clients

How long it takes to create submission packets

In this section, we look at the amount of time that brokerages take to prepare and deliver submission packets to clients. Specifically, we wanted to determine if there are certain inefficiencies that affect a brokerage’s ability to work with clients. For example, the more time that brokerages spend on administrative tasks during the renewal process, the less time they have to invest in meaningful activities, such as advising.

Preparing & Delivering Submission Packets

We Asked Participants:

1.

2.

4.

3.

5.

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Table of Contents

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The larger the brokerage’s average account size is, the more apt they are to use a client portal to facilitate the application and renewal process.

Preparing & Delivering Submission Packets

Key Takeaway 1.1

PDFs are the preferred method for facilitating the application and renewal process. However, we found that the larger the client account, the more that brokerages use online client portals, with PDFs complementary. It’s a competitive strategy that brokerages with personal and small commercial accounts may want to replicate. Solely using PDFs doesn’t match consumer demand for a superior digital customer experience. Unfortunately, direct carriers are meeting this demand with competitive, easy-to-use innovations. With the cost of software and implementation decreasing every year, brokerages can combine their expertise with technology, allowing their teams to do more with less.

Implications

69% of mid-market and enterprise brokerages deliver application and renewal packets using PDFs, as compared to 68% for SMB/small commercial and 66% for personal lines.

23% of mid-market and enterprise brokerages use client portal software for application delivery, as compared to 14% for SMB/small commercial and 7% for personal lines.

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69%

68%

66%

Mid-Market & Enterprise

SMB/Small Commercial

Personal Lines

Personal Lines

7%

SMB/Small Commercial

14%

Mid-Market & Enterprise

23%

SECTION 1

Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

SECTION 1

Table of Contents

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Table of Contents

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Brokerages with a focus outside of personal lines tend to have a higher number of applications and supplemental forms in their submission packets.

Key Takeaway 1.2

Unlike personal line accounts that require a lower number of submission packet forms, there’s little difference between mid-market/enterprise accounts and small commercial accounts in terms of the number of forms. With the amount of supplemental forms – and, consequently, data – that these brokerages work with, they should consider using a client portal that collects and stores all data points from client applications. Without visibility, client data has limited value. A client portal can turn data into valuable assets. By analyzing client data points, brokerages can identify patterns (e.g., which supplemental form questions clients fail to answer) to improve the next application and renewal period. A client portal also protects client information, which is important, especially as data breaches have become a significant problem for insurance companies.

Implications

66% of brokerages focused on personal lines have 1-4 forms and applications per submission. 34% have 5+ forms.

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41% of brokerages focused on mid-market and enterprise accounts have 5+ forms and applications per submission.

42% of brokerages focused on small commercial accounts have 5+ forms and applications per submission.

Preparing & Delivering Submission Packets

SECTION 1

Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Table of Contents

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66%

42%

41%

Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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A large percentage of brokerages across all segments spend up to half an hour looking for the correct carrier application per submission packet.

Key Takeaway 1.3

Brokerages across segments are spending a large amount of time searching for forms, which can increase inefficiency costs. For example, if a brokerage who focuses on small commercial accounts has 100 customers and averages 15 minutes per customer finding supplemental forms, the brokerage wastes 25 hours per renewal period. This is valuable time that could have been spent on client-facing activities, such as advising. To overcome these inefficiencies, brokerages should consider improving internal processes, such as form storage. For instance, rather than trying to find paper documents in a filing cabinet or PDFs within desktop folders, brokerages can use a client portal to organize and manage forms. This will drastically reduce the amount of time spent hunting for forms and positively impact overall costs.

Implications

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74% of brokerages that focus on mid-market and enterprise accounts spend up to 30 minutes looking for the correct applications and supplemental forms when putting together a submission packet.

Preparing & Delivering Submission Packets

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71% of brokerages that focus on small commercial accounts and 74% of brokerages that focus on personal lines also spend this amount of time looking for correct applications.

Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Table of Contents

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Preparing & Delivering Submission Packets

Key Takeaway 1.4

To make the application process easier for clients, brokerages often pre-fill common information, such as the client’s name and address. Regardless of the size or type of account, brokerages are wasting valuable time rekeying data and pre-filling application forms. With over 52% of brokerages across segments spending up to 30 minutes per submission packet pre-filling data, it’s an area in need of improvement. Brokerages should consider implementing automations, such as auto-mapping common answers on digital supplemental forms. This solution significantly cuts down the amount of time that brokerage employees spend pre-filling information and improves the customer experience. Brokerages that spend less time pre-filling client information will find it much easier to grow their business.

Implications

29% that focus on servicing mid-market and enterprise accounts spend 30 minutes to 1 hour per submission packet rekeying data and pre-filling information.

35% that focus on servicing small commercial accounts spend 30 minutes to 1 hour per submission packet rekeying data and pre-filling information.

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29%

35%

Mid-Market & Enterprise

Small Commercial

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Brokerages across segments spend a significant amount of time rekeying information and pre-filling forms during the application and renewal process.

31% that focus on personal lines spend 30 minutes to 1 hour per submission packet rekeying data and pre-filling information.

Personal Lines

31%

Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Table of Contents

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Preparing & Delivering Submission Packets

Key Takeaway 1.5

These results are consistent with the trends we saw for every application and renewal preparation step. The preparation and application delivery process is extremely time-consuming. The time wasted on application and renewal preparation is unnecessary, considering the technology solutions available today. Brokerages that embrace the innovations described in the previous sections will ensure that employees can work less on administrative tasks and more on servicing accounts. Revenue can be increased per employee as brokerages allow their teams to focus on more important activities, such as advising their customers, cross-selling and acquiring new business.

Implications

23% that focus on servicing mid-market and enterprise accounts spend over 1 hour preparing a submission packet before delivering it to their insured.

9% that focus on servicing small commercial accounts also spend over 1 hour preparing a submission packet before delivering it to their insured.

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Brokerages with larger accounts spend more time preparing their submission packets for their clients.

Mid-Market & Enterprise

23%

Hours preparing a submission

1+

Hours preparing a submission

1+

Small Commercial

9%

Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Table of Contents

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Summary

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Even after submission packets are delivered to clients, the process is far from over. Brokerages now have to wait on clients to fill out, sign, and return their submission packets. This isn’t an idle period for brokerage employees; they must constantly field client questions and send reminders to clients to complete their applications on time. Especially for brokerages with large accounts, this waiting period drains time and resources from the brokerage. We wanted to discover exactly how much time brokerage employees spend waiting on applications, the efforts they’re making to speed up the process, and if the size of the brokerage impacts the wait time. In this section, our survey questions focused on the exact amount of time involved as brokerages wait on submission packets from clients.

Waiting On Submission Packets

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Table of Contents

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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No matter the size of a brokerage’s average account, unnecessary time and money are spent prompting clients to complete their applications. This constant outreach can create a poor image of the brokerage in the eyes of the client.

Key Takeaway 2.1

Attempting to get applications back from clients traditionally requires extensive hand-holding. Email reminders are sent, phone calls are made, and brokerage employees head to the client’s office with paperwork. Brokerage employees also have no way of seeing the progress that clients are making with their supplemental forms. This results in double reminders, even if the client has already completed a certain form. The time that brokerage employees spend on reminder activities adds up. It creates a consistent drain on brokerage resources and projects a poor image of the brokerage to the client. When clients are frequently contacted about administrative tasks, they come to view the brokerage as a transactional relationship rather than a trusted advisor. This perception makes it easier to switch to another provider as a deep, meaningful connection is absent. Brokerages that make this process easier for their insured can cut down on operational expenses. These brokerages can also get applications out to market faster, which improves the client experience and perception of the brokerage.

Implications

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38% of brokerages in all brackets, regardless of their book of business, are spending at least 1-3 hours per week chasing down their clients to collect information.

Waiting On Submission Packets

SECTION 2

Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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The smaller the accounts that a brokerage focuses on, the quicker they get their applications back completed and signed – essentially, ready to go to market.

Key Takeaway 2.2

The amount of time that it takes for most of these brokerages to receive completed submission packets – at least one to two weeks – is alarming. The longer it takes to receive completed applications, the longer it takes to go to market. Not only are these late applications then at the bottom of the underwriter’s stack, but the client has to wait to be insured. This further damages the client experience. While brokerages with large accounts can’t necessarily reduce the amount of information they send to clients, they can, however, implement processes that offer a simple and fast experience similar to that of a personal lines account. For example, we discovered that 55%of brokerages focused on personal lines are receiving completed applications in under one week. This information stands to reason as personal line accounts have fewer forms and less data, and it suggests that these clients have a painless application experience. By making supplemental forms simpler and more manageable through technology (e.g., incorporating eSignatures directly within forms), brokerages distinguish themselves as a customer-centric brand and increase client loyalty.

Implications

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43% of brokerages that have a large volume of mid-market and enterprise accounts are waiting 1-2 weeks to get completed and signed submission packets back from their insureds. 33% of brokerages that service these larger clients are waiting 2-4 weeks.

Waiting On Submission Packets

SECTION 2

Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Table of Contents

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Summary

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Despite numerous efforts to help clients complete their applications, submission packets are often still returned incomplete and not ready to go to market. Incomplete applications, unfortunately, mean that the frustrating cycle of sending reminders and answering client questions begins all over again. It’s an inefficient process that affects the majority of insurance brokerages, no matter the size of their accounts. We wanted to determine exactly how often applications are coming back incomplete and analyze how this impacts brokerage resources and the client experience. Here’s what we found.

Receiving Submission Packets

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Table of Contents

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Aside from personal line accounts, brokerages across segments are struggling to get complete applications back from clients.

Key Takeaway 3.1

With a large percentage of applications coming back incomplete, it’s little wonder that brokerages spend large amounts of time and money on assisting clients. Unfortunately, these efforts fail to impact the main problem — the number of forms. Clients become overwhelmed or confused by the amount of forms and required information. This hinders their ability to complete applications correctly the first time. Brokerage employees then overcompensate with client assistance and the inefficient cycle continues. To overcome this challenge, brokerages can digitally transform the application and renewal process. In addition to client-facing solutions (e.g. client portals, smart forms, and eSignatures), brokerages can implement other digital strategies such as incorporating chat bots on their websites. Brokerage employees will find it easier to interact with clients, clients will have a better experience, and inefficiencies will be reduced for the application and renewal process.

Implications

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For brokerages that service mostly commercial lines, whether that be SMB/small commercial or mid-market and enterprise, only 9% of their clients’ applications and submission packets are coming back completed and ready for market. Over 90% of all clients require additional back and forth to get applications ready for market.

Receiving Submission Packets

SECTION 3

Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Table of Contents

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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The application and renewal process is inefficient and time- consuming across brokerages – from compiling submission packets to chasing down clients for complete applications. These inefficiencies are costly not only for internal operations but also for the client experience. To remain successful and competitive, brokerages should embrace industry innovations, viewing technology and software as a complement to their application and renewal process, rather than a threat.

Conclusion

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Table of Contents

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Indio simplifies the insurance application process to make it faster, more collaborative, easier, and minimize errors and omissions, saving agencies and their clients’ time and money. The Indio platform enables agencies to deliver a fully digital client risk capture and application experience by automating the data population across each individual, unique insurer application. The solution uses smart-form automapping to reduce the need for rekeying information and allows agents to communicate in real time with clients directly from within the online insurance forms, enabling back and forth communication and automating the application process. Learn more about Indio at insight.useindio.com/getstarted/

About Indio

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Table of Contents

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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To establish benchmark data around the application and renewal process, we surveyed over 791 brokers on their entire renewal process – from delivering renewal submission packets to their clients to receiving signed and completed applications ready to go to market. We segmented and analyzed the data based on the size of a brokerage’s accounts. These segments included brokerages whose book of business primarily focused on personal lines, small- and medium-sized commercial lines, and mid-market and enterprise commercial lines. The goal of the survey is to better understand pain points and the overall application and renewal process: what works, what doesn’t, and how it looks across the type and size of the brokerage. You can use this report to compare your renewal process with the industry benchmark, find areas to improve you application and renewal process, and use the data to back up technology investments for your brokerage.

Thank you to the following partners for their assistance with this report:

Survey Summary

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Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Table of Contents

☰ Table of Contents

Conclusion

3.1 Key Takeaway: Incomplete Applications

Receiving Submission Packets

SECTION 3

2.2 Key Takeaway: Wait Time

2.1 Key Takeaway: Chasing Clients

Waiting on Submission Packets

SECTION 2

1.5 Key Takeaway: Submission Packet Creation

1.4 Key Takeaway: Pre-Filling Info

1.3 Key Takeaway: Finding Forms

1.2 Key Takeaway: Number of Forms

1.1 Key Takeaway: Delivery Method

Preparing & Delivering Submission Packets

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Table of Contents

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