Features and Benefits

Broker Forms Investment

Broker Forms technology puts you securely in control of your business through the use of Online Fact Find and Claim Report forms for most types of cover. This is an inexpensive solution to improve your productivity and is independent of whatever broker management system you use. Its design is broker specific for all brokers’ or AR groups. It is customisable for individual groups and has worldwide application.

Top 5 reasons why you should invest in Broker Forms:

Benefit 1

Professional Liability risk management system for brokers themselves
Clients’ cover placement instructions are recorded on online fillable forms and securely saved to your document management system and so can be retrieved as primary evidence in the event of a claim dispute.

Professional Liability risk management protection for brokers
Brokers need to use a standard structured data collection form in order to have a uniform work practice to collect client data and instructions and store the document electronically to protect their Professional Liability risk exposure.

Even for classes of business processed through industry electronic underwriting / quoting systems, brokers still need to have a risk data collection form as once the information is keyed into these  systems the information is lost to the broker. Traditional “day books” used by brokers to record client instructions are not formatted by class of business so a broker may miss important information about the risk. Unless day books are scanned into an electronic document management system, it may be difficult to locate a particular disputed client instruction when necessary however scant the information recorded is.

Financial Ombudsman Service
FOS has developed some guidelines for the industry about how they will respond to complaints or disputes concerning how insurance contracts were arranged, as follows:

What is the process the person has been trained to follow when arranging a policy;

How this process was applied to the particular client’s disputed cover placement;

Need to provide computer screen shots to prove the process steps that were followed.

So brokers need to ask themselves how their own risk management procedures would they fare in the event of a serious claim coverage dispute without a standard work practice that can satisfy FOS or a court written or digital evidence about client instructions regarding coverage disputes.

Claim Example
A broker presented two options to their client to consider when insuring the client’s commercial and industrial properties. Option A offered broader cover than Option B, but Option A was more expensive.

After discussion, the broker bound cover on the basis of Option B according to the client’s instructions to accept the cheaper option. However, when a claim for fire damage to a building was denied on the basis of an exclusion contained in the cheaper option (Option B) that did not appear in Option A, the client denied that they had instructed the broker to place their insurance on the basis of Option B. The broker maintained that they had received verbal instructions from the client to bind on Option B but couldn’t produce any file notes to substantiate this assertion.

This is typical of the risk exposure brokers have in carrying out their role in advising clients and arranging cover for them so they need to implement risk management office procedures to minimise this risk.

Broker Forms is the answer

Clients’ cover placement instructions are recorded on a standard fillable form online and securely saved to your document management system and so can be retrieved as primary evidence in the event of a claim dispute to minimise your PI risk exposure.

Benefit 2

Best workplace practices system
Use of Broker Forms creates best practice standards for workplace processes, compliance with regulations and staff training. Fact Find form templates ensure your brokers ask the right questions to protect against their errors or omissions risk exposure.

Apart from protecting your brokerage against PI claims, best workplace practices make sense to boost the company’s productivity. Best practice standards for workplace processes assist with regulations compliance, standard work procedures, consistency of service, office efficiency and particularly staff training through standards.

Brokers say: Wouldn’t it be great to have standard forms for each class of insurance so we can collect all the right information from clients first time so we look professional rather than having to go back later for additional information required by insurers for particular occupations?

Brokers’ staff work procedures are often dictated by the data input requirements of the office computer system and insurance companies. Accordingly these procedures can lead to inefficient practices and staff frustration through the lack of consistency and process duplication needed to perform their job.

Broker Forms is the answer

Broker Forms through Fact Find form templates for most classes of Personal and SME classes of insurance introduces a standard office process which enables you to obtain and securely store client information effectively online.

Broker Forms improve professional broker training as they provide an easy to follow process for collecting the full range of client underwriting information, first time and every time in a consistent format capable of interfacing with insurers’ computer systems in future. 

One single composite Claim report form provides an efficient way of recording claim incidents online in Broker Forms. A Broker Form can also be re-used and edited to take client instructions and saved for cover changes during the policy period.

Broker Forms saved into your document management system can be emailed to clients to confirm their cover placement instructions and underwriting disclosures with an electronic signature.

Benefit 3

Clients’ portfolio review
Broker Forms are re-usable for clients’ policy change instructions and the latest updated form version can be used in your client portfolio review procedure to confirm prior information and update their cover instructions prior to renewal negotiations with insurers. 

Broker Forms are re-usable for clients’ policy change instructions and the latest updated form version can be used in your client portfolio review procedure to confirm prior information and update their cover instructions prior to renewal negotiations with insurers.

Reviewing clients’ upcoming renewals portfolio is an extremely important but time consuming task for brokers. And broking management system policy files are not very presentable when printed out for a client review. Some brokers maintain a copy of their clients’ policy schedules in a word document rather than use the poor quality computer printed schedules but this can lead to mistakes.

Professional Indemnity renewals require an updated declaration form to be completed each year for underwriting terms so that is a task of its own to get clients to complete a new application each year for insurance coverage and receive it back in a timely manner.

Brokers have a service standard for clients based upon certain criteria which may mean that a client is visited quite regularly, less frequently or not at all and handled by mail or post. Since this procedure is so important but very inefficient usually, it makes sense to find a better and more effective way of performing this whole process.

Broker Forms is the answer

Broker Forms are securely stored on an independent server and are re-usable to edit for clients’ policy change instructions during the policy year. The latest updated form version can be emailed to clients to short circuit the review procedure and make it more efficient to confirm prior information and update their cover instructions. (read more)

Along with updated Broker Form to be emailed to the client for review and edit, a comprehensive Portfolio Insurance Check List of uninsured risks available in the Broker Forms library can be sent for review by the client as well. Client edits the forms, saves them and emails them back to the broker. Alternatively, if the broker if visiting the client, the new instructions on site can be saved online to the Broker Form through a tablet or laptop internet connection.

Once the review form instructions has been received back from clients by email or online completion, the updated form can be on-forwarded by email to the current insurer for renewal terms. If the account needs to be re-marketed, all the necessary underwriting information needed by quoting insurers is self-contained in the Broker Form saving lots of time in creating quotations slips.

Benefit 4

Single-keying data solution for multiple insurers’ quotations
Broker Forms system gives you the ability to forward saved forms to selected insurers electronically to obtain their quotation terms for most types of risk saving you time and effort in multi-keying like you do now.

One of brokers’ most inefficient tasks is to obtain competitive terms and conditions from insurers or agencies for their clients by having to multi-key data into Sunrise, or direct to insurers or agency portals.

Brokers say: Why do we have to key multiple times into insurers’ electronic rating systems to obtain their terms and conditions – surely other service industries don’t have to do that? And what about underwriting portals – they are no good to us because we have to multi-key to their system as well but worse there is no interface to our computer system and so we have re-key back into our computer system?

Broker Forms is the answer

The Broker Forms system provides the capability of obtaining multi-insurers’ underwriting terms for a wide range of non – Sunrise products through a single-keying process (which should be a most welcome break-through for many brokers) by simply emailing the online completed and saved Broker Form to multiple selected insurers.

For Sunrise products, if the insurer is prepared to process your emailed Broker Form quote request to provide their most competitive terms rather than machine generated indicative terms, they can email the terms to you with a nice looking schedule pdf. This schedule pdf can be converted to Word format so it can be pasted into clients’ policy schedule in your computer system – better than a Sunrise output document! 

To complete the transaction for Sunrise products the successful insurer can upload their Sunrise file to brokers’ computer system saving double-keying for the broker and providing online policy issue.

Visit the How to Guide for a step by step flow through the process.

Benefit  5

Mobile Device friendly Tablet friendly
Broker Forms can be accessed from a Notebook or Tablet at your client’s premises and updated to review their portfolio of policies or a survey of risk exposures included in the forms.

The modern trend in broking is for servicing brokers when visiting clients to use a tablet or notebook computer to demonstrate sales presentations, show claims experience and use apps that link back to the office system to save time and effort.

Brokers also often need to provide insurers with extra survey information to assess a client’s risk exposure but they may not be trained to know what aspects of the premises or work processes to examine.

Broker Forms is the answer

Broker Forms are available to use on any computer or tablet through an Internet connection so that client underwriting  information can be recorded efficiently on the clients’ premises directly to the Broker Form and saved rather than double handling client instructions back in the office.

The Business Pack Fact Find form contains a second level of underwriting questions for specific occupations so the broker can be confident that they know what aspects of the client’s business they need look for and what questions to ask which reinforces their professionalism with the client. The risk information can be saved to the Business Pack Broker Form on site.