BrokerBid.com

Because BrokerBid.com is a software system that runs in the cloud, it allows you access anytime, anywhere, is independent of any account management software program, doesn’t require any installation, and can be accessed from your computer, smartphone, or tablet.

BrokerBid.com is the fastest way for a broker to get a risk into the hands of the right underwriters. Don’t waste your time contacting every person in your rolodex or filling out the same questionnaires on multiple websites. BrokerBid.com reduces that entire process to a single 3 minute question process, followed by instant delivery of the broker’s risks directly to the correct underwriters at the insurance carriers that have an appetite for the client’s industry.

Carrier appetites are constantly changing and agencies don’t always know which carrier targets their clients’ risks. BrokerBid.com allows insurance carriers to use NAICS codes to select the industries they want to see. Underwriters see risks that only match their appetite, and brokers are matched up with the insurance companies that target their industry. It’s a win win situation and much more efficient than sending out new marketing material every time your company changes it’s appetite.

How does BrokerBid.com take agency appointments into consideration? Using BrokerBid.com’s Appointment Manager, agencies are able to designate which insurance companies have given them an appointment. Brokers then create and submit risks and those risks are only delivered to the responsible underwriters at the available carriers.

BrokerBid.com encrypts all data using 256bit AES encryption, meaning that the data is constantly being protected. BrokerBid.com does not ask for credit card numbers, social security numbers, or any personal information, because data is important and should be protected. What about uploaded files such as an attached ACORD application or loss runs? All uploaded files associated with a risk are deleted 60 days past the insurance date.

BrokerBid.com takes many different factors into account in order to deliver the correct risks, to the correct underwriters. Some factors include agency appointment (see BrokerBid Appointment Manager), industry classification, insurance type, number of employees, previous loss amounts, experience modification, geographical location and more. BrokerBid.com was constructed from the ground up to make the entire process seamless, simple, and efficient.

How many different industries are technically out there? According to NAICS there are 1177 unique codes to be exact, covering 19,179 different industries. Brokers can submit any client’s industry into BrokerBid.com and have it delivered to the correct underwriters that target that particular industry. Using AJAX technology, BrokerBid.com makes it easy and simple for brokers to select their client’s industry, all they have to do is begin typing and matching industries are displayed.

What industries are currently being submitted? What is my company’s binding percentage of engaged risks? How much premium have my underwriters written, individually and collectively, because of BrokerBid.com? All metrics are provided free of charge to our partners. Read more about BrokerBid Metrics here.

BrokerBid.com is committed to helping your company succeed. All industry partners are assigned to Account Managers who provide personalized support. Do you need help creating a broker account for your agency, or an underwriter for your company? Contact your Account Manager and we’ll make sure that you are up and running smoothly. Account Managers can be contacted to help setup user accounts, close risks, review user accounts, do mass account creations, and more.