Most property and casualty carriers have a significant opportunity for organic growth.
Independent agents rate Underwriting Responsiveness as their top factor for choosing where to place their business. However, in 2024, agents also reported to DCC that 68% of their top carriers lost ground in this key performance indicator. The trend started many years ago but now it’s escalating, with notable declines recorded throughout 2023 and 2024.
The impact on carriers is immediate. When underwriters take too much time to respond to requests, agents write their business elsewhere. The few carriers that excel in underwriting responsiveness have a significant advantage, positioning them to grow faster, attract better business, and improve efficiency.
The few carriers that excel in underwriting responsiveness have a significant advantage, positioning them to grow faster, attract better business, and improve efficiency.
Even carriers who believe their underwriters are responsive should consider competitive benchmarking to be sure. Being less responsive than your competitors means missing out on opportunities.
What is Underwriting Responsiveness?
Yes, underwriting responsiveness starts with timely communication with your agents, but that’s just one component. Underwriting Responsiveness includes:
- Quick access to decision-makers and timely responses
- Efficient processes for application submission, quoting, and policy issuance
- Competent and knowledgeable responses from underwriters
- Underwriter’s attitude and consideration for the agents
In future posts we’ll look at carrier management’s role in nurturing underwriting responsiveness as well as tips on improving it.
Key Takeaway
Understanding the importance of Underwriting Responsiveness helps carriers stay competitive and attract better business. This metric should be a top priority for any carrier aiming to improve their operations and relationships.