The Keys to a Successful Submission

The Keys to a Successful Submission

Did you know that every year, we receive on average 3,500 new business submissions at PLM, and we will decline to quote 60% of them? Why such a high number? As a specialty mutual carrier, our charge is to be a stable financial cornerstone to the industries that we serve. We have successfully been that cornerstone for 130 years now and plan to continue doing so for another. Our success has been in part by adhering strictly to our underwriting appetite and guidelines.

It is no surprise then that, when looking at our declinations on new business submissions so far in 2025, our top declination reasons include:

• Out of Appetite (23% of declinations): These are submissions that do not fit our appetite. We expect to receive these submissions as you as a producer and PLM get to know each other.
  Ever submitted an out of appetite submission to PLM? Don’t be discouraged! The right fit is out there. Our appetite can be found on our website.
• Exposures (14% of declinations): in adherence to our guidelines, we maintain strict underwriting levels. In some cases, the exposures of the client fall outside of what we’re comfortable with insuring.
  In these cases, it is important to remember that we have our in-house wholesale agency, Green Tree Risk Partners, who may be able to support the needs of the insured by accessing other carriers.
• Does not pass initial review (13% of declinations): for us both to win business, there needs to be a business reason that makes an insured ready to move their coverage to PLM. If we cannot uncover that reason or solve for that reason, we will decline the opportunity to save everyone’s time.
  Just because an opportunity does not meet our initial review this year does not mean it won’t meet it next year! Situations change and we always take the time to review.

What is surprising when looking at our declinations, is the number of incomplete submissions (10% of declinations in 2025) that we receive. Without complete and correct information upfront, we cannot accurately assess the opportunity that we both have. We understand that sometimes you may still be trying to finalize a piece of information when you submit business. However, too often, we receive submissions where it is apparent that the producer has no desire to provide the information needed. These market block attempts will not be accepted! Our standard is to reach out three times for follow-up and then shut down the opportunity to open it back up to the marketplace. Success at PLM comes from partnership between all stakeholders: you, the insured, and us.

What is a complete submission? Below are our submission requirements and helpful guidelines for receiving the most competitive quote for your client possible, in a timely manner:

• New business sent to PLM to quote should be submitted on standard Acord applications. The more complete the information, the more timely and customized our quote will be.
• Include a complete description of the operation (the more detailed, the better), along with prior carrier and expiring premiums.
• Five year hard copy loss runs must be included.
• Property submissions should include an adequate description of the property coverages requested including coinsurance, valuation basis, causes of losses and deductibles. You should also include construction, occupancy, protection class, year built and square footage of all buildings.
• General Liability submissions should include the class and accurate, up-to-date sales figures.
• Automobile submissions must include a complete drivers list, VIN numbers and full classification information. Please explain any unusual situations such as youthful or elderly drivers, etc.
• Inland Marine submissions should include an adequate description of the equipment, including the make, model, year, serial number and valuation method.
• Include the name and phone number of a contact at the prospective insured to arrange a pre-binding inspection.

While our declination percentage is high, it’s important to know that our win ratio is high, too! We will win 62% of the business that we choose to quote this year. And then we will retain over 90% of that business at renewal. As America’s oldest and largest lumber mutual, we understand the unique needs of lumber and building materials industries and meet them through tailored coverages, industry-specific loss control, and expertise in claims handling.

Partnering with PLM to write high quality business in the lumber and building materials industries is not only a win for your client, but also a win for you. If you have a new business submission, please send it to newbiz@plmins.com. I’m always available for any questions at ldigangi@plmins.com or 267-337-4133.

Lindsey DiGangi, Vice President- Field Operations