How Does BrokerBid Work?
Let’s assume that a broker has an opportunity to find insurance for a widget manufacturer. The broker is uncertain which P&C insurance carrier has an appetite for widget manufacturing. Instead of spending multiple hours submitting the risk to each insurance carrier, the broker uses BrokerBid.com and is able to complete the submission form in just a few minutes. The risk information is then instantly delivered to the correct underwriters at all the insurance carriers with which the agency has an appointment, and that have an appetite for widget manufacturers. The broker has found the correct markets and the people that can facilitate business. The insurance carriers' underwriters are receiving qualified opportunities automatically from agents and agencies in their designated areas.
1. Create a Risk
Create a risk and BrokerBid.com will automatically filter and deliver risks to the correct insurance underwriters based on some of the following factors:
Agency Appointments
Carrier Appetite
Underwriter Territory
Broker Location
Insurance Type and more…
The average risk takes less than 3 minutes to create!
The correct underwriters at the correct insurance carriers will be able to view the basic risk information, engage the risks and begin communication with the submitting broker/agency.
2. Communicate
The filtered risk is delivered to the correct underwriter, now what? The underwriter can review the risk’s basic information, gauging whether or not the risk is a good fit. If the underwriter engages the risk, he or she can access risk’s full profile, including any files attached by the agent.
Underwriters can now see:
Risk EIN
Risk Company Name
Submitting Broker/Agency
Attached documents (ACORD Applications, Loss Runs, etc)
Contact information of both the agent and the underwriter becomes visible to both parties and business is conducted normally.
BrokerBid’s goal is merely to introduce brokers to the correct underwriters and to present underwriters with quality risks to evaluate.
3. Celebrate
The submitting broker has communicated with the correct underwriters at the correct insurance carriers and has taken that information to the client. The broker is not guessing which market is the best fit, the broker knows that he is presenting the best possible choices for the client.
Agencies and brokers find the correct markets that match their client’s insurance needs.
Carriers and underwriters receive, evaluate, and bind risk submissions that match their target appetites.
User registration is free, requires no integration and there is no risk. To see a complete list of list of features, click here. >
Sign Up
BrokerBid.com is free for all property and casualty insurance agencies and producers. That’s right, free! Give your agency the first mover advantage.
Features
Check out some of the features offered by BrokerBid.com. 24/7 Marketing, Risk Filter System, Appointment Management and Performance Metrics.
Frequently Asked Questions
How does it work? What about appointments? What type of insurance is supported? We have put together a list of the most commonly asked questions and their answers.