Large Commercial insurance
submissions differ significantly from the once and done, straight through process in Personal Lines and Small Commercial Lines.
They include attached documents such as surveys and photographs that require the review of expert underwriters at the
carrier and the broker who work in collaboration with the risk manager of the client to complete the submission and move it through
the underwriting process.
The data processing technology used to support this workflow
is a document exchange approach combined with a cross-enterprise business process management capability that tracks the status
of the quote as it moves across the desks of the people involved in the transaction. This process can be multiplied when the
submission is made to multiple carriers at the same time. An automated solution for such submissions significantly reduces
redundant work, errors, and cycle time.
The kind of policy flow displayed in
the business process diagram is typical of the the high premium submissions handled by the very large brokers.