Frequently Asked Questions - Carriers
Carrier 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.
Of course! That is the entire premise of the BrokerBid.com system. BrokerBid.com is simply the catalyst that brings the parties together. Once an underwriter engages a risk, he or she is given all the contact information of the broker, and vice versa.
The carrier administrators are able to add or remove class codes as needed from the BrokerBid.com interface, at their own discretion. You have complete control over the class codes that your company’s underwriters are able to receive.
Absolutely not. We allow insurance carriers to choose any and all class codes that match their appetite. If your company wants to see 1, 100, or 1000 different class codes and their submissions, it is completely up to you.
Yes, if an insurance company needs to rescind a policy within 60 days of the insurance date, BrokerBid.com will issue a prorated credit memo for qualifying applications.
Property and Casualty carriers of all sizes can use BrokerBid.com as long as they are rated by AM Best and are allowed to write insurance.
You will instantly see current submissions that match your company’s appetite, from appointed agencies in your territory. New opportunities will be delivered instantly to theunderwriters’ dashboards and email addresses as they are submitted by the appointed brokers.
There are no restrictions on the number of opportunities that an underwriter can receive. We only bill clients for successful business being done. If you receive 10,000 opportunities and don’t bind a single piece of business, you pay us nothing.
No, only property and casualty insurance carriers can use BrokerBid.com. BrokerBid.com is not designed for the personal or healthcare insurance industries.
1. More quoting opportunities.
2.Opportunities match your target appetite.
3. More premium will be written.
BrokerBid.com is a revolutionary tool for insurance companies because it puts opportunities in front of your underwriters, allowing them to quote and win new business.
Insurance carriers can assign larger territories to underwriters, allowing for risk submissions from appointed agencies to be delivered directly to your underwriter that can write the business. Brokers have to find a market willing to write their client’s insurance, why not let them bring the business to you.
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.
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.
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.
1. More quoting opportunities.
2.Opportunities match your target appetite.
3. More premium will be written.
BrokerBid.com is a revolutionary tool for insurance companies because it puts opportunities in front of your underwriters, allowing them to quote and win new business. Insurance carriers can assign larger territories to underwriters, allowing for risk submissions from appointed agencies to be delivered directly to your underwriter that can write the business. Brokers have to find a market willing to write their client’s insurance, why not let them bring the business to you.
No, only property and casualty insurance carriers can use BrokerBid.com. BrokerBid.com is not designed for the personal or healthcare insurance industries.
There are no restrictions on the number of opportunities that an underwriter can receive.
You will instantly see current submissions that match your company’s appetite, from appointed agencies in your territory. New opportunities will be delivered instantly to theunderwriters’ dashboards and email addresses as they are submitted by the appointed brokers.
Property and Casualty carriers of all sizes can use BrokerBid.com as long as they are rated by AM Best and are allowed to write insurance.
Yes, if an insurance company needs to rescind a policy within 60 days of the insurance date, BrokerBid.com will issue a prorated credit memo for qualifying applications.
Absolutely not. We allow insurance carriers to choose any and all class codes that match their appetite. If your company wants to see 1, 100, or 1000 different class codes and their submissions, it is completely up to you.
The carrier administrators are able to add or remove class codes as needed from the BrokerBid.com interface, at their own discretion.
Of course! That is the entire premise of the BrokerBid.com system. BrokerBid.com is simply the catalyst that brings the parties together. Once an underwriter engages a risk, he or she is given all the contact information of the broker, and vice versa.
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.