(800) 666-5692A Day in the Life of an Underwriter
Posted in Property & Casualty
Author: Scottie Petrovski
My journey into the insurance industry began with a recommendation from a recruiter friend who recognized that JM Wilson would align well with my career aspirations, work ethic, skills, and experience. Now, two years into my role as a Senior Property & Casualty Underwriter, I have gained firsthand insight into the challenges and rewards of underwriting in the MGA/Excess & Surplus Lines space.
A Day in the Life of an Underwriter
Each morning, our team starts the day with a meeting to review our daily numbers and set priorities. Afterward, I check my inbox, flagging urgent emails that require immediate attention before diving into new business submissions.
Our team goal is to respond to submissions and emails within 24 business hours, but I personally aim to be within four hours whenever possible. While this benchmark can be ambitious on particularly busy days, it ensures that our agents receive timely service. Throughout the day, I also engage in phone calls with agents, discussing new potential opportunities and addressing questions on current accounts. I firmly believe that the phone is one of my most valuable tools for efficiently assessing risks and strengthening relationships with our agents.
The Challenge of Incomplete ACORD Applications
One of the biggest challenges in underwriting is when critical information is missing from ACORD and supplemental applications. While I understand that completing these forms may not be an agent’s favorite task, the accuracy and efficiency of our underwriting process heavily depends on having all necessary details upfront. Without complete applications, it is difficult to properly assess risks, leading to delays and potential coverage gaps when quoting.
Why Fully Completed ACORDs Matter
A well-completed ACORD application provides the basics of a risk and what an agent’s client is looking for, enabling us to offer accurate quotes and ensure proper coverage. When key details are missing, we often have to go back and forth with agents, which slows down the process and extends the time it takes to provide a quote. To bridge this gap, I frequently walk agents through ACORD forms over the phone, explaining what is needed to move forward with a quote efficiently.
5 Commonly Missed Details That Are Critical to Rating a Risk
Here are five essential pieces of information that I often see left blank on ACORD applications but are crucial for underwriting:
ACORD 126 ( Commercial General Liability Section)
- Completed GL Limits on Page 1 – Believe it or not, a common detail missed.
ACORD 140 (Property Section)
- The Year Built – Helps assess the structural integrity and potential risks associated with an older building.
- Building Improvements with Years – Knowing when updates were made (wiring, roofing, plumbing, electrical, HVAC) will impact the risk assessment and available coverage options.
- Total Area – A ‘must have’ for property rating and determining exposure.
- Burglar Alarm Type – If left blank we assume none, which could impact rates, premiums, and the availability of theft coverage.
Partnering for Efficiency and Accuracy
By ensuring that ACORD applications are complete, agents help us provide faster and more accurate quotes. I encourage agents to reach out with any questions about filling out any ACORD application, carrier application, or supplement. Our role as underwriters is to assist in making this process as seamless as possible.
In addition to completed applications, a detailed narrative of the risk is always helpful. Especially when our agent provides their own view on what the risk is, coverage needed, and pricing target.
At the end of the day, our shared goal is to provide an exceptional quoting experience and secure proper coverage for the insured. A little extra effort in completing applications upfront saves time, reduces frustration, and leads to better outcomes for everyone involved.
If you ever need guidance on completing ACORD applications, I’m always happy to help—just pick up the phone and call!