Agency FAQs
Real time quoting systems only work for a very limited number of class codes and requires integration to be available on the carrier side as well as the agency side. BrokerBid.com is the only risk exchange system that does not charge insurance carriers a per user license fee and does not require personal information such as social security numbers, employment histories, etc. BrokerBid.com currently does not allow risk submissions for employee benefits,and focuses solely on providing enough information for carriers to determine interest in the opportunity.
No. BrokerBid.com is designed to connect the agent and the carrier. We feel that if we involved ourselves with the pricing it would defeat the objective of communication between agents and underwriters which is essential for property and casualty insurance risks and their many variables.
A company’s federal tax id number is public information and can be found through multiple websites on the internet. BrokerBid.com does not allow search engines to access this information and the federal tax id number is only displayed to wholesalers or insurance carriers that express interest in finding out more information about the opportunity. BrokerBid.com requires the use of a federal tax id number in order to insure that underwriters are not receiving false or incorrect submissions.
BrokerBid.com does not collect any personal information such as social security or birth date. BrokerBid.com only uses publicly accessible information and will not sell or disclose any information to 3rd parties.
No. BrokerBid.com is simply the catalyst that brings these insurance entities together.
No. BrokerBid.com can only be used by property and casualty insurance brokers, wholesalers, and carriers.
Only enough information for an underwriter to determine whether or not there is interest in trying to write the business.
Agents are able to upload PDF or DOC files to any risk submission. The information provided in this file is the sole responsibility of the agent. All attached files are automatically deleted 60 days after an opportunity passes it’s insurance date. If you choose to upload the completed ACORD application, that file will not be displayed to the appointed wholesaler or carrier.
If your P&C agency only has a few appointments, you can use BrokerBid.com to submit your risks to be delivered to wholesalers/MGAs in your area that can use BrokerBid to access a greater range of markets automatically for your company.
Agencies of all sizes can use BrokerBid.com. BrokerBid will allow you to submit risks to insurance carriers or wholesalers that you have an appointment with.
Nothing. BrokerBid.com is free for property and casualty insurance brokers. Agents do not pay per submission.
Nothing. BrokerBid.com is free for property and casualty insurance brokers to use. There are no cost per user fees.
An agency administrator can specify which insurance carriers and wholesalers they have an appointment with in their area.
The information is delivered to the underwriters at insurance carriers who target the industry of your client. When the underwriter expresses interest in the risk opportunity, the broker is able to see the contact information of all the underwriters who expressed interest in the risk and can contact them freely.
Depends on the type of insurance needed and the number of questions. A novice user can complete a risk profile in as little as 3 minutes or less.
Your company will incur dramatic cost savings by using BrokerBid.com. Assume a CSR spends 2 to 3 hours per submission, entering the information in at multiple insurance carriers. That same process can be completed in minutes using BrokerBid.com. If a normal CSR can process 3 to 4 submissions per day using traditional methods, a CSR using BrokerBid.com can easily submit 3 or 4 submissions per hour!
BrokerBid.com is a single entry system that allows agents to get the information to the correct underwriters at the insurance companies that have an appetite for the client’s industry.
Why spend the time and expense of entering the information multiple times at the carriers that you think might be the best fit when you can use BrokerBid.com to submit it once, and be connected with the underwriters that want your business.
We have made the signup process extremely easy for your company and users.
Individual User Signup
If you are an underwriter or broker looking for access to BrokerBid.com, simply select and complete your application type, and select the company you work for. Once your company administrator approves your application you will receive access to the website.
Broker and Underwriter SignupBusiness Signup
If your company is not currently signed up to take advantage of BrokerBid.com, please complete the following form and we will contact you about setting up your no risk, no cost account.
Once your company account has been created and turned on, your users can simply go to BrokerBid.com and create their own profile by clicking on Underwriter Signup and selecting their employer. All underwriter accounts must be verified and authorized by your BrokerBid administrator before being given access to the website.
Your company will incur dramatic cost savings by using BrokerBid.com. Assume a CSR spends 2 to 3 hours per submission, entering the information in at multiple insurance carriers. That same process can be completed in minutes using BrokerBid.com. If a normal CSR can process 3 to 4 submissions per day using traditional methods, a CSR using BrokerBid.com can easily submit 3 or 4 submissions per hour!
Real time quoting systems only work for a very limited number of class codes and requires integration to be available on the carrier side as well as the agency side. BrokerBid.com is the only risk exchange system that does not charge a per user license fee, or a fee per submission.
Nothing. BrokerBid.com is free for property and casualty insurance brokers. Agents do not pay per submission.
Agencies of all sizes can use BrokerBid.com. BrokerBid will allow you to submit risks to insurance carriers or wholesalers that you have an appointment with.
Agents are able to upload PDF or DOC files to any risk submission. The information provided in this file is the sole responsibility of the agent. All attached files are automatically deleted 60 days after an opportunity passes it’s insurance date. If you choose to upload the completed ACORD application, that file will not be displayed to the appointed wholesaler or carrier.
Only enough information for an underwriter to determine whether or not their is interest in trying to write the business.