IRIS 100 Program Risk Narrative Requirement
At IRIS Risk Management, we are always interested to hear our retailers’ stories about their clients who seek insurance quotes within one of our Property Program offerings. This is especially important (and a requirement) for a quote within our “IRIS 100” Program and is best presented in the form of a "Risk Narrative".
The Risk Narrative should help “bring the account to life” and catch our interest as true property underwriters. We feel that there is only so much an application can tell about a prospective account and a well written Risk Narrative will not only answer many questions our underwriting team may have but also assist in moving your submission along the process in a timely fashion.
Should your Agency not already have a Risk Narrative story format, some strong and valuable components that will make your submission garner our attention and should be included are as follows:
1. Narrative written in story format and limited to two pages if possible
2. Details of your knowledge or relationship with this customer
3. Details of what makes this a good account
4. Loss control or risk management protocol that the customer has implemented
5. Explanations of any losses
6. Details of the business including growth plans
7. Why we and the carrier have a good opportunity to write this account
8. Include pricing or terms and conditions that are needed for the account to improve on their existing placement
9. Any gaps in the “story” for this account
10. When you need the quote by