#1 – No Check? No Problem! Bind that Business!
Earlier this year State Fund enhanced and streamlined our new business bind process by no longer requiring copies of checks to bind policies for brokered accounts. Now, to bind a policy simply upload a copy of the signed Terms Letter. You then have eight business days to submit the negotiable check.
Use this handy Job Aid with steps and screenshots showing how to submit a bind request for brokered accounts without submitting a copy of the bind check: How to Bind a New Policy Without a Check
#2 – Binding with E-signatures
Now you have flexibility to choose how your bind documents will be signed – either by hand or electronically. We’ve started accepting electronic signatures for bind documents that are authenticated by a third party electronic signature vendor.
#3 – Mail-in Audit Form for Low-Risk Policyholders
State Fund is streamlining the audit experience for a specific group of small policyholders with our new Mail Audit Form.
Tailored for low-risk policyholders with less than $13,000 in estimated annual premium, the simplified audit contains key questions designed to obtain more accurate information from these policyholders, streamlining the audit process from a one-size-fits-all approach to one that fits the business being audited.
Businesses such as professional offices, accountants, law firms, dental offices, and restaurants, may qualify for this audit process. Policies that require mandatory audits do not qualify.