The broker is generally supposed to collect specific information and required documents, which are mandatory to submit and issue a new policy. When it comes to new business submission in our client’s case, there are three entities that govern their brokers; each entity has its own set of rules. These rules are dissected as that of the firm itself, the carriers’ and lastly the governmental requirements and regulations that administer the insurance industry. For example, our client has specific data-entry rules; having two different departments approaching and signing new clients regularly, each with its own process and channel. Some carriers, on the other hand, offer a driving discount, after monitoring clients’ driving behavior. This type of surveillance is done by tracking clients via mobile data. As a result, client’s signature and approval is needed. While other companies require the knowledge of each client’s occupation, in return clients get specific discounts.

As for the insurance industry, attaining a MVR and an AutoPlus, for example, is obligatory, when it comes to automobile related policies; and in the case of home insurance, receiving a home inspection report. Brokers have to get a bundle of documents in the process. Let’s say, for instance, a client wants to buy home insurance with the best coverage, rate and endorsements. The client, then, needs to provide a detailed report with every content in their home stated, or share their bill of sale in some cases.

The brokerage’s processing team generally is responsible for tracking incomplete documentation and requirements, as well as verifying the integrity of the documents submitted for the new business requests. Moreover, they have advanced knowledge of departmental workflows for both the brokerage and the carriers.