https://www.insurerbrain.com/w/index.php?action=history&feed=atom&title=Definition%3ANew_business_submission 2026-05-02T20:18:31Z Revision history for this page on the wiki MediaWiki 1.43.8 https://www.insurerbrain.com/w/index.php?title=Definition:New_business_submission&diff=18796&oldid=prev 2026-03-16T08:53:33Z

<p>Bot: Creating new article from JSON</p> <p><b>New page</b></p><div>📋 &#039;&#039;&#039;New business submission&#039;&#039;&#039; refers to the formal package of information that a [[Definition:Broker | broker]] or prospective [[Definition:Policyholder | policyholder]] sends to an [[Definition:Underwriter | underwriter]] when seeking a quotation for [[Definition:Insurance coverage | insurance coverage]] that does not yet exist on the insurer&#039;s books. In commercial and specialty lines, the submission typically includes details such as the applicant&#039;s operations, [[Definition:Loss history | loss history]], desired [[Definition:Coverage | coverage]] structure, [[Definition:Limit | limits]], and any supplementary documentation like financial statements or engineering reports. The quality and completeness of submissions directly shape an underwriter&#039;s ability to assess risk and offer competitive terms.<br /> <br /> ⚙️ When a submission arrives — whether through a traditional email exchange, a [[Definition:Broker portal | broker portal]], or an [[Definition:Application programming interface (API) | API-driven]] digital platform — the underwriting team triages it against the insurer&#039;s [[Definition:Risk appetite | risk appetite]] and [[Definition:Underwriting guidelines | underwriting guidelines]]. In [[Definition:Lloyd&#039;s | Lloyd&#039;s]] and London market practice, submissions often flow from the broker to multiple [[Definition:Lloyd&#039;s syndicate | syndicates]] simultaneously, fostering competitive quoting. In other markets, [[Definition:Managing general agent (MGA) | MGAs]] with [[Definition:Delegated underwriting authority (DUA) | delegated authority]] may evaluate submissions and bind coverage without referring back to the carrier. [[Definition:Insurtech | Insurtech]] platforms have increasingly automated the intake process, using [[Definition:Optical character recognition (OCR) | OCR]], [[Definition:Natural language processing (NLP) | natural language processing]], and [[Definition:Machine learning | machine learning]] to extract key data points from unstructured documents, reducing the time from submission to quote from days to minutes in some segments.<br /> <br /> 🔍 For insurers, the submission pipeline is a leading indicator of [[Definition:Gross written premium (GWP) | premium]] growth and portfolio composition. Tracking submission volumes, [[Definition:Hit ratio | hit ratios]], and turnaround times gives management visibility into market conditions and competitive positioning. When submissions are poorly documented or incomplete, underwriters face [[Definition:Adverse selection | adverse selection]] risk because they may either decline sound risks unnecessarily or price inadequately for opaque ones. Consequently, many carriers invest heavily in submission management workflows and data enrichment tools, recognizing that the front door of the underwriting process ultimately determines the quality of the entire [[Definition:Book of business | book of business]].<br /> <br /> &#039;&#039;&#039;Related concepts:&#039;&#039;&#039;<br /> {{Div col|colwidth=20em}}<br /> * [[Definition:Underwriting]]<br /> * [[Definition:Broker]]<br /> * [[Definition:Risk appetite]]<br /> * [[Definition:Hit ratio]]<br /> * [[Definition:Binding authority agreement]]<br /> * [[Definition:Straight-through processing (STP)]]<br /> {{Div col end}}</div>

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