Avnita P
Traditional Submission Intake
Underwriting Assistants spend 2-4 hours per submission.
Manual data entry creates errors.
Brokers wait too long for quotes.
Labor costs keep rising.
Business Impact:
Thousands of submissions = thousands of hours of manual data-entry.
Human errors occur in 1 out of 5 submissions.
Inconsistent turnaround times.
Higher operational costs.
Workers' Compensation Submission Complexity
Document Volume:
Each submission has 10-21 documents
Small accounts: 1-2 hours to process
Large accounts: 4-6 hours to process
Makes planning difficult
Processing Challenges:
Different carriers use different formats
Loss runs look different everywhere
Financial statements vary widely
Safety manuals range from detailed to basic
Underwriters must adapt each time
Workers' Comp Documents
1. ACORD 130
Format: PDF
What It Contains:
Company name and address
Business description
Number of employees
Coverage limits requested
Policy dates
Experience modification factors
Key Data Points:
Policy effective dates
Coverage territories
Special risk details
Previous insurance history
Why It Matters: Forms the foundation for underwriting decisions and premium calculations.
2. Loss Runs (5 years)
Format: PDF/Excel
What It Contains:
5 years of claims history
Claim dates and descriptions
Money paid out
Money set aside for future payments
Open vs. closed claims
Key Data Points:
How often claims happen
How much claims cost
Trending patterns over years
Loss ratios by year
Big Problem: Every insurance company formats this differently, making it hard to read quickly.
Why It Matters: Shows past accident patterns and helps predict future claims and costs.
3. Payroll Records/Summaries (last 3 years)
Format: Excel/CSV/PDF
What It Contains:
Employee counts by job type
Total wages paid
Seasonal changes in staffing
Overtime calculations
Key Data Points:
Payroll by classification
Exposure calculations
Job descriptions matched to class codes
Seasonal variations
Why It Matters: Determines the exposure base for calculating accurate premiums.
4. Previous Policy Declarations Pages
Format: PDF
What It Contains:
Current policy numbers
Coverage amounts
How much they pay (deductibles)
Premium costs
Insurance company names
Key Data Points:
Policy limits and terms
Carrier relationships
Coverage gaps
Modification history
Why It Matters: Reveals current coverage structure and competitive positioning for renewal decisions.
5. Class Code Breakdown/Job Descriptions
Format: Word/PDF
What It Contains:
Detailed job duties
Equipment workers use
Where they work
Safety risks for each job
Key Data Points:
Specific job tasks
Risk exposures
Proper classification codes
Equipment and environment details
Why It Matters: Ensures accurate job classification and prevents costly premium miscalculations.
6. Experience Modification Worksheet
Format: PDF
What It Contains:
Current modification number
3-year calculation period
Expected vs. actual losses
How the number was calculated
Key Data Points:
Current mod factor
Calculation breakdown
Historical performance
Future projections
Why It Matters: Directly impacts premium calculations and shows safety performance versus industry average.
7. Employee Census/Payroll Register
Format: Excel/CSV
What It Contains:
Individual employee names
Job titles
How much each person makes
Hours worked
Job classifications
Key Data Points:
Employee-level detail
Wage information
Classification assignments
Hours and duties
Why It Matters: Provides detailed exposure data for precise premium calculations and audit support.
8. Broker of Record Letter
Format: PDF
What It Contains:
Broker contact information
When authorization starts
What the broker can do
Commission details
Key Data Points:
Authorization dates
Scope of representation
Contact details
Service agreements
Why It Matters: Establishes who can make changes to the policy and handles communications.
9. ACORD 131 (Supplemental)
Format: PDF
What It Contains:
Extra risk details
Special coverage needs
Carrier-specific questions
Additional business information
Key Data Points:
Specialized requirements
Unusual risk factors
Carrier-specific data
Coverage modifications
Why It Matters: Captures additional risk information not covered in the standard application.
10. Financial Statements (last 2-3 years)
Format: PDF
What It Contains:
How much money the company makes
What they own (assets)
What they owe (debts)
Financial health indicators
Key Data Points:
Revenue trends
Asset values
Liability amounts
Financial ratios
Why It Matters: Confirms ability to pay premiums and indicates business stability.
11. Business License
Format: PDF/JPEG
What It Contains:
License numbers
Type of business
Where they can operate
When license expires
Key Data Points:
Operating authority
Business classification
Jurisdiction coverage
Expiration dates
Why It Matters: Verifies legal authority to operate and confirms business classification accuracy.
12. Certificate of Good Standing
Format: PDF
What It Contains:
Legal compliance status
Where the company is registered
When certificate was issued
Corporate status confirmation
Key Data Points:
Compliance verification
Jurisdiction information
Certificate dates
Legal status
Why It Matters: Confirms company meets legal requirements and is authorized to purchase insurance.
13. Safety Manual/Program Documentation
Format: PDF
What It Contains:
Safety rules and procedures
Training programs
How to handle accidents
Safety equipment requirements
Key Data Points:
Safety protocols
Training requirements
Incident procedures
Program dates
Why It Matters: Demonstrates commitment to safety and may qualify for premium discounts.
14. Claims Details for Large Losses
Format: PDF
What It Contains:
Detailed accident descriptions
What caused the injury
How much it cost
What was done to prevent future accidents
Key Data Points:
Incident descriptions
Cause analysis
Settlement details
Injury specifics
Why It Matters: Provides context for major claims and shows risk management improvements.
15. Articles of Incorporation
Format: PDF
What It Contains:
How the company is legally set up
Who owns the company
When it was started
What kind of business it does
Key Data Points:
Corporate structure
Ownership details
Business purpose
Incorporation date
Why It Matters: Confirms corporate structure and validates authority to purchase coverage.
16. Certificates of Insurance for Other Coverages
Format: PDF
What It Contains:
Other types of insurance they have
Coverage amounts
When policies start and end
Which insurance companies provide them
Key Data Points:
Coverage types
Policy limits
Effective dates
Carrier information
Why It Matters: Identifies coverage gaps and opportunities for additional lines of business.
17. Employee Handbook
Format: PDF
What It Contains:
Company rules for workers
Safety policies
What happens if rules are broken
How to report problems
Key Data Points:
HR policies
Safety procedures
Disciplinary actions
Reporting procedures
Why It Matters: Shows employment practices that can impact workers' compensation claims frequency.
18. Tax Returns
Format: PDF
What It Contains:
How much money the company made
What they spent money on
Taxes they paid
Business expense details
Key Data Points:
Income verification
Business deductions
Entity structure
Financial validation
Why It Matters: Validates financial information and confirms payroll reporting accuracy.
19. Equipment Lists/Schedules
Format: Excel/PDF
What It Contains:
List of all equipment and machines
How much each item is worth
Safety features on equipment
When equipment was serviced
Key Data Points:
Asset values
Equipment types
Safety systems
Maintenance records
Why It Matters: Identifies operational risks and potential safety exposures from equipment.
20. Photos of Operations/Facilities
Format: JPEG/PNG
What It Contains:
Pictures of the workplace
How clean and organized it looks
Safety equipment visible
Working conditions
Key Data Points:
Visual risk assessment
Facility conditions
Equipment status
Safety practices
Why It Matters: Provides visual confirmation of safety practices and working conditions.
21. Subcontractor Certificates of Insurance
Format: PDF
What It Contains:
Insurance for companies they hire
Coverage amounts
When coverage starts and ends
Who is protected
Key Data Points:
Coverage verification
Policy limits
Additional insured status
Effective dates
Why It Matters: Protects against liability from uninsured subcontractors and confirms proper coverage.
Benefits of AI Submission Intake:
Reduces processing time by 70-80%
Improves data accuracy
Speeds up quotes
Lets underwriters focus on risk assessment
