Cut Special Event Administrative Costs in Three Easy Steps
In the aggregate, special events policies can be a significant contributor to your top line growth. Your customers have plenty of significant events and rely on you for coverage: christenings, first communions, bar/bat mitzvahs, graduations, weddings, retirements and many other life events in between.
The problem has always been that most special event policies involve small premiums. The traditional practice of quoting, binding and paying for these policies in three separate transactions has been inefficient, time consuming and expensive. This administrative inefficiency is a big disincentive to actively pursuing this business.
High administrative costs are the biggest reasons mentioned for many customers’ decisions to relegate special event business into the “accommodation” category. Customers make an accommodation for applicants’ special event requests but will not market for the business.
USLI customers can now quote, bind and pay many special events in one seamless transaction, either online or by telephone. Combining all three steps into a single transaction significantly cuts administrative costs and earns you higher commissions because USLI pays an additional 2.5 percent commission for special events bound and paid online.
Special events become a “one touch” transaction and reduce time spent administering the business and free your staff for larger accounts. Here’s how it works:
Online, after a special event quote is completed, a red Continue to Bind button appears on the Quote Summary screen. The simple steps that follow allow you to complete the binding process, including confirmation of prior-to-bind items, policy options and limits as well as the ability to add any documents necessary for the binding process. Once the binder has been accepted, you can proceed to the payment page where a major credit card (Visa, MasterCard or American Express) or checking/savings account access will complete the payment process and finalize the transaction. You can then issue a certificate of insurance for the insured.
By telephone, you can complete a special event quote by dialing 888-SPD-USLI or 855-EVNT-NOW. After completing the quote with our underwriter, you can complete the binding process and payment using the same payment options stated above (major credit card or checking/savings account) to finalize the transaction.
Grow your business by taking advantage of USLI’s efficient online or telephone quote, bind and pay capabilities. Each event becomes a single transaction with three simple steps, and special events can escape the “accommodation” category and drive your growth.
Please contact your Hospitality and Liquor Lines underwriter for more information regarding quote, bind and pay.
As always, we thank you for your support and business.
Contact Karen Ford,
Vice President, Product Team Leader | 888-523-5545 Ext. 2391
Written by Jeff Estabrook
June 8, 2017