Meeting with an insurance underwriter is a pivotal step in securing the right coverage for your organization’s needs. There’s no need to fear the experience. Instead, use it as an opportunity to showcase your organization’s efforts in reducing risk and enhancing patient safety. The purpose of this article is to highlight positive steps you can take to prepare for and later present to the underwriters.
First things first
When preparing for this meeting, it’s essential to have a clear understanding of your business’s unique risks, loss runs, coverage needs and any recent operational changes. Start by thoroughly reviewing your current policies, claims history and any new risk factors. This preparation will enable you to address the underwriters’ questions with confidence and accuracy. Gather all necessary documents, such as financial statements, property details and any other information that might be required to assess your risk profile.
Understand your business needs clearly, knowing what type of insurance you require and why, to effectively communicate your requirements and ensure the underwriter understands your situation.
When meeting with an insurance underwriter, asking the right questions not only will help you understand your policy better and ensure it meets your needs but will also demonstrate your engagement and commitment to the process.
Here are some important questions to consider:
- Policy terms and coverage limits: Don’t hesitate to ask about the specifics of your policy terms, coverage limits and exclusions. This shows you are engaged and informed
- Accuracy of information: Always provide accurate and truthful information. Misrepresenting facts can lead to issues with your policy later on.
- Understanding the underwriting process: Familiarize yourself with the underwriting process, including the factors underwriters consider and how they assess risk.
- Financial information: If applicable, have detailed financial information ready, such as income statements, tax returns and other financial documents. This helps the underwriter assess your financial stability.
- Review your application: Thoroughly review your application to ensure all the information provided is complete and accurate. This can help avoid delays in the underwriting process.
By asking these questions and being well-prepared, you can build trust with the underwriter and secure a policy that aligns with your needs. Effective preparation not only builds trust but also positions your organization to secure comprehensive coverage that aligns with its objectives.
Show time
Ensure your team understands the underwriting process. The presentation provided to the underwriters needs to be well-organized and reflective of supporting data and documentation — such as improvements made following a safety event, safety protocols that go beyond the minimum requirements, risk management strategies and compliance measures. This is one way to demonstrate your organization’s commitment to minimizing risk to your patients, employees and community.
Be prepared to have the hard conversations about those outcomes that may have been problematic or harmful to patients, employees or the business itself. All businesses have rough patches. Telling the story of the organization’s response and action steps taken will be critical.
Showcasing your organization in the best light involves a multifaceted approach. Here are some tips to help you prepare:
- Discuss your culture: Talk about your company’s culture and values. Explain what makes your workplace unique and how it contributes to your overall success.
- Tell your story: Start by telling your company’s story, highlighting its origins, mission and key milestones to create a compelling narrative.
- Use data: Use your data to back up your achievements and demonstrate your impact with concrete numbers and statistics.
- Highlight achievements: Highlight significant achievements and milestones in your company’s history. This could include product launches, major partnerships, awards and other notable successes. Use these milestones to demonstrate growth and credibility.
- Show commitment: Highlight initiatives that showcase your commitment to safety, problem resolution, innovation, sustainability, or community engagement.
- Showcase improvements: Showcase organizational improvements by detailing any enhancements in processes, technology, or employee development programs.
- Discuss challenges: Discuss the challenges you faced and how you overcame them. This adds depth and relatability to your story. Be prepared to discuss any potential risks associated with your application, business risks, or property vulnerabilities, as transparency is key.
- Be transparent: Discuss updates on any changes in business operations that may affect coverage needs, such as new locations, mergers, equipment acquisitions, increase/decrease in service capacity, or changes in employee count.
- Review emerging risks: Consider new coverage, including cybersecurity threats, natural disasters and workplace violence, to ensure your organization is well-prepared for the future.
- Vision for the future: End with your vision for the future. Describe where your company is headed and how you plan to continue making a difference.
Client script for meeting with an insurance underwriter
"Thank you for taking the time to meet with us today. We really value this opportunity to work together and ensure our coverage aligns with the unique needs and risks of our organization. We’ve come prepared to share a comprehensive overview of our operations, risk management strategies, and recent improvements that reflect our commitment to safety and accountability."
"I’d like to start by giving you a brief overview of our organization, our mission, the communities we serve, and the values that guide our work. We’ve made significant strides in enhancing patient safety, improving internal processes, and fostering a culture of transparency and continuous learning."
"We’ve taken proactive steps to reduce risk, including implementing safety protocols that exceed regulatory requirements, responding effectively to past incidents, and investing in staff training and technology upgrades. We’re happy to share data and documentation that support these efforts."
"Like any organization, we’ve faced challenges. We’re prepared to discuss those openly, including any adverse events or operational hurdles. More importantly, we’ll walk you through the corrective actions we’ve taken and the measurable improvements we’ve seen as a result."
"We understand that underwriting is a detailed process, and we’re here to answer any questions you have. We’ve reviewed our loss runs, financials, and coverage needs thoroughly, and we’re ready to discuss any emerging risks or changes in our operations that may affect our coverage."
- "Can you walk us through how our risk profile is being assessed?"
- "Are there any areas where you see opportunities for us to strengthen our risk management?"
- "How do our current coverage limits align with industry standards for organizations like ours?"
- "Are there any exclusions or limitations we should be aware of?"
- "What additional coverage options would you recommend based on our operations?"
"We appreciate your partnership and your role in helping us protect our patients, staff, and organization. Our goal is to secure coverage that reflects both our current needs and our vision for the future. We’re committed to maintaining open communication and working collaboratively with you throughout this process."
In closing, this comprehensive approach will help present your organization as dynamic, responsible and forward-thinking. This approach can help you negotiate favorable terms.
Disclaimer
WTW hopes you found the general information provided here informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, WTW offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
