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You’ve Got Your Client’s Attention...

Do you have a risk that doesn’t fit nicely in a standard market? As an agent or broker you’ve worked with your client to identify all their risk management and insurable exposures for protection, P&C, L&A, Benefits, Bonds, Health, etc….Now you need to work with your industry partners to rate, process and service that client. Will it be written in standard, non-standard or a combination of markets?

Efficiency begins when the agency enters the data they receive from the client into a system. That system should follow best practices workflows and allow for data integration with your partners throughout the pipeline of protecting the client’s assets. The technology today eliminates the need to re-key data, assisting in eliminating potential errors and omissions issues.  If you’re not utilizing a system that accomplishes this goal, or as a carrier not supporting this efficiency, you need to learn what you’re missing and get involved!

Our goal is to help you provide your client with a great experience. Your relationship with them is supported by your agency tools. The goal is to educate the industry on what they could utilize today, where ACORD standards bring efficiency to that pipeline, and the overall value this efficiency brings to our industry!

The size of the account may be large or small: a global organization, or a real estate company seeking coverage for 200 units on a college campus. Today, from a retail market perspective, thousands of agents are passing real time data, rating their clients’ exposures and updating their clients’ insurable needs through the use of their agency systems. They are synchronizing policy data in their agency systems with the writing carrier’s system, and if the claim occurs have the information to advocate for the prompt resolution of the claim. “We cannot continue to do business with entities who will not upgrade; they cost us way too much money, time and resources to be profitable for us,” says Ted Joyce, Insurance Agency Services LLC.

The opportunity to duplicate this process with the excess and surplus lines channel is an ongoing goal.  “We have found that many agents, if they know they will be submitting to the E&S market, don’t enter the data into their system as they know they have to manually submit the business to the MGA’s. A few agents I have talked to only enter data into their systems for E&S business AFTER it has been bound so they can invoice it,” states Tate Tooley ofBloss & Dillard, Inc. “Regardless of which market will write the business, the agent always needs to start the process by entering data into their system!”

Through the efforts of the Excess & Surplus Lines Joint Working Group, the four sponsoring associations (AAMGA, act, NAPSLO and ACORD) are leading conversations to encourage the implementation of these efficiencies in this market. The ability to issue a policy based on the systematic conversation between two systems passing data is the current goal. This group had previously worked on General Liability Rating, and during that process validated that 80% of the information needed to rate a risk was already identified in the ACORD standards. Through the input of the individuals selling and writing the business, we learned how to extend the existing ACORD standards for use in the excess and surplus lines transactions.  We’re currently working to expand that effort and need input from people who write crime, umbrella, and special events, anything that is different! If you want to help, contact us through email, or the website.

The partners in the pipeline of information include Managing General Agencies. These individuals or businesses are appointed by an insurer to solicit applications from retail agents for insurance contracts or to negotiate insurance contracts on behalf of an insurer or carrier. (They may also be called a Coverholder or Binding Authority.) Once the risk is placed with the MGA/Coverholder or Binding Authority, the information has to be reported to the insurer or carrier. This too can be automated, and ACORD standards are available today to share that data electronically. 

The reporting data is a subset of the data utilized between the retail agent and MGA. The data in the reporting process may be passed in real time to the insurer to report on bound policies, premium payments, and to request claims payments. We need a few MGA’s who are currently experiencing this or want to experience this to help us share their story. Like the retail agents who have streamlined their experience and freed up their resources, MGA’s want to work on writing and servicing the business, not manually processing it. Carriers, we want to hear your experience too.  If you’d like to be spotlighted, contact , or

To learn more about the reporting initiative, you can view this webinar: Binding Authority Bound Risks Reporting Standards.