​Business Capabilities

This page includes the core business capabilities of a general commercial P&C insurer - regardless of products sold.

​​Policy Submission

Generally, policy submission follows this process:

1. Intake (Application and Data Collection)
2. Application Routing
3. Underwriting
4. Binding
5. Policy Issuance and Delivery

Intake (Application & Data Collection)

​​Agent/Broker Submission: The process typically begins with an insurance agent or broker submitting a coverage application. This application includes critical information about the insured, such as:

Basic Information:
- business name
- address
- contact details
- industry
- ownership structure

Risk Profile: Insights into business operations, including revenue, employee count, location(s), and unique risk factors.

Coverage Requests: Specific types of coverage sought, including General Liability, Property, Workers' Compensation, among others.

Data Collection:
Automated Systems:
Many insurers utilize online platforms or agency portals for application submission and data entry, streamlining the process.

Supporting Documentation:
Supporting documents, such as financial statements, loss history, and safety inspection reports, may be required. 

Application Routing

Initial Triage: Upon receipt, applications are typically routed to an initial triage point, often within an underwriting department.
Risk-Based Assignment: Applications are then routed to specific underwriters based on various factors, such as:
1. Line of Business: Auto, Homeowners, Commercial, etc.
2. Risk Complexity: High-risk applications may be routed to senior underwriters or specialized teams.
3. Underwriter Expertise: Matching underwriters with specific industry or product knowledge.
4. Workload Balancing: Distributing applications evenly across available underwriters to ensure timely processing.

Underwriting

​Risk Assessment: Underwriters carefully review the application and supporting documentation to assess the risk associated with the proposed coverage. This may involve:
1. Loss History Analysis: Examining past claims history to identify potential risk areas.
2. Financial Stability Assessment: Evaluating the financial health of the business.
3.  Risk Control Assessment: Reviewing safety measures, security protocols, and other risk mitigation efforts.

RATING (Pricing & Coverage Selection): Based on the risk assessment, underwriters determine appropriate coverage limits, deductibles, and premiums. They may also recommend adjustments to the coverage based on the risk profile.

Policy Administration

Policy Maintenance & Endorsements

​​Policy Changes: Throughout the policy term, changes may be necessary, such as:
1. Endorsements: Adding or modifying coverages, changing limits, or adjusting deductibles.
2.  Premium Adjustments: Adjusting premiums based on changes in risk or loss experience.

Claims Handling: When a claim occurs, the insured or agent reports the claim to the insurer. The claims department investigates the claim, determines coverage, and processes payments.

Policy  Renewal

Policy Review: At policy renewal, the underwriting process is typically repeated to assess the ongoing risk and determine appropriate coverage and pricing for the next policy period.

Premium Adjustments: Premiums may be adjusted based on the insured's loss experience, changes in risk, and market conditions.

Regulatory Compliance

Adherence: Ensuring all processes comply with regulatory requirements.
Reporting: Generating reports for regulatory bodies.

Servicing

Inquiries and Assistance: Addressing policyholder inquiries, providing information about policies, and assisting with any issues or concerns.

Claims Support: Guiding policyholders through the claims process, from submission to settlement.