Submission
The package of information a broker sends to carriers requesting a quote on a new or renewal piece of business.
What It Is
A submission is the complete package of information that a broker assembles and sends to one or more insurance carriers to request a quotation for new business or a renewal. The quality and completeness of the submission directly impacts the speed and competitiveness of the carrier's response. A well-prepared submission demonstrates broker professionalism and gives underwriters the information they need to price the risk accurately.
A typical commercial submission includes ACORD applications (such as ACORD 125 for commercial insurance, ACORD 126 for commercial general liability, or ACORD 140 for property), loss runs for the most recent five years, current policy declarations pages, supplemental questionnaires for specific hazards or coverages, COPE information for property risks, fleet schedules for auto, payroll data for workers compensation, and a cover letter summarizing the account and the broker's marketing objectives.
The submission process has traditionally been manual and time-consuming. Brokers spend an average of 2-4 hours assembling a mid-market commercial submission, gathering data from multiple sources, completing carrier-specific applications, and following up on missing information. Incomplete submissions are the leading cause of quote delays, with carriers reporting that 40-60% of submissions require additional information before quoting.
Why It Matters for Brokers
The submission is the broker's first impression with the underwriter and directly influences pricing, terms, and turnaround time. Complete, well-organized submissions receive faster and more competitive quotes because underwriters can assess the risk without delays for additional information. Brokers who consistently submit complete, accurate packages build stronger underwriter relationships and earn priority treatment.
Real-World Example
A broker preparing a $50,000 premium commercial package submission for a light manufacturer assembles: ACORD 125/126/140, five years of loss runs showing a 35% loss ratio, current dec pages, a COPE worksheet for the 40,000 sq ft facility, an equipment schedule, and a cover letter noting the account's 12-year loss-free stretch on property. The submission goes to three carriers on Monday morning. Two carriers return quotes by Thursday because no follow-up was needed. The broker presents options to the client within one week of starting the process.
Common Mistakes
- 1Sending submissions with missing loss runs or incomplete ACORD forms, which delays the quoting process by days or weeks.
- 2Using a generic cover letter that fails to highlight the account's positive risk characteristics, missing an opportunity to influence the underwriter's initial assessment.
- 3Submitting to too many carriers simultaneously, which can signal desperation and reduce each underwriter's motivation to compete.
How brokerageaudit.com Handles This
brokerageaudit.com's Submission Intake module auto-populates ACORD forms from previously entered account data, validates completeness against carrier-specific checklists, and organizes all documents into a single submission package. The system tracks which carriers have received submissions, their response status, and any outstanding information requests, reducing submission assembly time by up to 70%.