August 30, 2023

Navigating Workers’ Compensation Renewals and Submissions

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In the world of workers’ compensation, timing is everything. Swiftly submitting policy claims is essential to achieve the best possible outcomes for injured workers, and consistent safety training and timely updates are imperative to maintain a secure work environment. Likewise, punctual submissions for policy renewals or new policies play a pivotal role in streamlining operations, guaranteeing precise pricing, and facilitating seamless and effective service delivery.

Submitting Workers’ Compensation Policy Renewals

Ninety days before a workers’ compensation policy is set to end, the renewal process can begin. The significance of this three-month window lies in the preparation and accuracy of the renewal quote. It gives underwriters the runway they need to gather essential information about the client's history, losses, payroll, and classification - all important factors that will play into the policy premium.  

While agents can submit pertinent policy information at any time during this 90-day period, earlier submissions will help establish the best possible policyholder experience. By providing accurate and up-to-date information early in the process, underwriters can generate a renewal quote that reflects the client's specific needs and risk profile. This proactive approach ensures that the policyholder receives the best possible pricing and coverage for the upcoming policy term.

“If there have been fundamental changes to a client’s operations that we don’t know about, then our premium doesn’t correctly reflect what it should be,” says Tensey Pricer, LWCC Agency Relations Manager. “For us to provide the most accurate pricing, we have to have up-to-date information. So, make sure that the underwriter has all the pertinent information about your client.”

120-Day New Business Submission Window: Reserve the Market

When it comes to quoting new business, the 120-day submission window is critical for agent partners and is all about "reserving the market." This term signifies an agent's intention to provide a quote to a potential client with LWCC, and the action prevents any other agent from doing the same. It’s a first-come, first-serve situation, and agents are encouraged to act quickly. To facilitate this process, LWCC offers CompZone+, a digital tool designed for agents, providing them the freedom to reserve the market with only basic information, thereby providing the time to gather any additional information needed to complete submission.  

While reserving the market early does serve as a signal of intent and allows underwriters to prepare for the quoting process, it is important to note that receiving the quote itself will take some time. While the timeline is generous, much can happen in the months leading up to the existing policy’s expiration, and there is a sweet spot in which underwriters have both enough information and enough time to deliver quotes that are both timely and precise.

“With more information and time to prepare, underwriters are able to provide the most competitive quotes possible,” explains Tensey.

Collaboration Between Agents and Underwriters: A Win-Win Strategy

Whether for renewals or new business, collaboration between agents and underwriters is essential for success. The more information agents provide about their clients, the better-equipped underwriters are to generate quotes that align with the client's unique circumstances. Agents act as conduits for critical client data, ensuring that underwriters have all the necessary details to make informed decisions.

“The big takeaway is that providing the best information as early on in the process as possible is a win for everybody,” Tensey explains. “The agent gets a great quote with a great company. The policyholder gets to receive a great quote and has time to digest it, and the underwriter has plenty of time to craft that great quote.”

This collaborative effort benefits everyone involved: clients receive competitive quotes tailored to their needs, agents demonstrate their commitment to clients' best interests, and LWCC's underwriters can provide accurate and comprehensive coverage options. In addition, a strategic approach to timing can yield substantial benefits for all parties involved. Agents who engage proactively within the renewal and submission timelines not only demonstrate their commitment to clients but also contribute to the accuracy and competitiveness of quotes.

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