One long-running problem for brokers and their commercial insurance placements is that too many submissions still lean heavily on historical wording, legacy descriptions and outdated financial or operational detail. That may once have been good enough in a more stable operating environment but it is far less workable now. Businesses pivot, expand, outsource, import, contract, digitise and diversify much faster than many renewal submissions suggest. If a broker is still presenting a client in yesterday’s language, the underwriter is being asked to price a version of the risk that may no longer exist.
