The Steadfast Client Trading Platform (SCTP) is built for speed, but getting quick quotes through the system also depends on the information brokers provide.

Miramar Senior Liability Underwriter Bruce Gibbs and SCTP Liability Underwriter Piyali Jayasinghe share their advice to assist brokers to help speed up the quote process.

Actual Policy Period

It’s important to provide the precise policy period rather than the date the quote request was submitted to underwriters via SCTP.

“This saves time, as once Miramar returns the quote, the cover is ready to bind with no need to refer again,” Bruce says.

Include Claims History

Whenever you submit your client’s claim, please describe the circumstances of the claim and any remedial action taken by the insured to prevent a recurrence of the claim.

"Attaching a copy of the claims history report on insurer letterhead will also assist,” Piyali says.

Current Insurer’s Details

It's also useful to provide the current insurer’s details for any existing liability policy, streamlining the process for Miramar underwriters.

New Business Details

If the insured doesn't have a current policy arranged by Miramar, such as in the case of a new business, it's important to advise how many years of relevant industry experience the insured has.

“That information helps us to rate the risk appropriately,” Piyali says.

Imports and Exports

If the business involves importing and exporting goods, include a list of the quality controls the insured has in place.

"For example, if the insured needs to adhere to Australian or international standards, tell us which standards apply,” Bruce says.

Business Description

If the principal business description you've chosen is a close fit rather than an exact match, then add a clearer description of the insured's business activities.

“Leaving this field blank indicates that the submission may be incomplete and require further questions from Miramar,” Piyali says. “For example, ‘Metal & Steel Wholesaling’ could be further explained as ‘Operating as a steel merchant selling wholesale and retail concrete reinforcing products’.”

Include a Website Link

A link to the insured's business website or social media page can give Miramar underwriters a better understanding of the insured's business activities.

“It is also useful in case something important hasn't been disclosed in the business description," Bruce says.

Turnover, Wages and Contractor Payments

Make sure the correct turnover, wages and contractor payments have been disclosed, including the type of work carried out by the contracted workers.

“We sometimes get submissions where the wages exceed the turnover which requires a request for clarification,” Piyali says. “Additionally, please confirm that all contractors and subcontractors of the insured have their own liability and workers compensation insurance covers in place.”

Premium Expectations

Bruce says that advising Miramar of a target premium for high turnover accounts (e.g., those with turnover above $20 million) gives underwriters a better chance of presenting a competitive quote.

Non-Printable Notes

A final tip is to include questions or comments in the ’non-printable notes' or in 'attachments’ section of the submission, Piyali says. This reduces the number of emails and phone calls, saving you time.

To sum up

A little effort goes a long way when it comes to the SCTP, Bruce and Piyali say.

The platform provides brokers a timely and competitive way to conduct business with Miramar.

By following these tips and providing a detailed submission, a better outcome is more likely for all parties.

Contact Miramar for more information

For more information about best practice SCTP submissions, the team at Miramar can help. You can find contact details for all our experienced insurance professionals on our website.

Miramar Underwriting Agency Pty Ltd (‘Miramar’) acts as agent for the Insurer(s) of the products, certain underwriters at Lloyd’s and HDI Global Specialty SE – Australia.