Submitted, issued and placed business
Also called: issued business, placed business, submitted business, issue paid
Submitted business is applications sent to carriers, issued business is policies the carrier approved, and placed (or issue-paid) business is policies in force with a first premium paid.
Each step loses some business: applications get declined, withdrawn or never paid. Reporting only submitted business overstates what an agency has really sold.
Following each application through to placement shows where business falls out and which agents or products have the biggest gaps.
Commission is paid on placed business, so that is the number that matches revenue.
"We count placed business, not submitted applications, when we report production."
What is the difference between submitted, issued and placed insurance business?
Submitted is applications sent to carriers, issued is policies approved, and placed is policies in force with a first premium paid. Commission follows placed business.
Related terms
On Kevlex Digital: Marketing attribution