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News & Views: No More (Paper) Maps
Newsletter – Tuesday, May 1, 2018
When is the last time you used a paper map? Printing out the directions from Google maps doesn’t count! I love my iPhone mapping app – I couldn’t live without it! In fact, I don’t miss paper maps at all. For end users, digital mapping is superior and more accessible, and unless you are a mapmaker, what could be the downside?
So when will the digital revolution come to the insurance industry and rid us of having to complete an application? I mean, as often as we at Tuscano receive an application without as much as a premium basis, loss history, or description of operations, I figure that completing applications must be on the top ten list of “Insurance Producers’ Things I Hate to Do List”. In fact, I’ve coined a new term for a producer’s inability to complete an insurance application, “disappsia”. That was a joke – I love producers!
If only we could do our jobs without an application, wouldn’t that be something? Unfortunately, the Cheshire cat was spot on with this cliché, “If you don't know where you are going, any road will get you there.” And if we don’t know what we are underwriting, we aren’t going anywhere!
While it’s not break-through technology, Tuscano has taken steps to lessen your pain. Have you tried the GL Rate Now tool on our website? Here’s the awesome power of this tool – no apps required! Plug in 4 pieces of information: limits, zip code, class and premium basis, and in less than 30 seconds (okay, sometimes it takes 35 secs.) you can get a look at the rates for up to eight of our binding authority markets. This is not a quote, but it is an indication of A) whether we have a market, B) are they in the ballpark, and C) the application and supplement needed in order to obtain a bind-able quote.
For this reason alone, Tuscano should be your go-to-market for all of your P&C needs! Just by giving you this tool, we’ve given you back hours in your week. Before you go through any effort to fill out an app, you can find out if we have a market and whether we are even in your customer’s ballpark. Chances are if we can write the GL, we’ve got a market for the property as well. So you should definitely send your brokerage P&C business to the broker who just got you pointed in the right direction!
I wish I could say we have a similar tool for property risks – not quite yet. Lucky for you we do have a remarkable team of property underwriters with a huge amount of experience. In fact, if Siri were a property underwriter at Tuscano, you could say – “Hey Teri, (or Marcia, Joann, Daya, or Lily) can you write a PC 9 frame 3-story apartment building that was built in 1970?” They definitely won’t come back at you with “Here’s what I found on the web…!”
Yay for May! I for one am very tired of the cold, wet, and gray. They say that Pittsburgh is the new Portland – well if so, then we must be getting all of their weather too. I for one am looking forward to working outside, golf, and some warm weather!
Have a great day!