First Insurance & Risk Management

As Hurricane Milton approaches, our hearts are with our partners, communities, and everyone in the path of the storm. We hope you and your loved ones stay safe and secure during this difficult time. #HurricaneMilton #StaySafe #CommunitySupport

Put efficiency first—secure coverage in real time with First Insurance & Risk Management. #First #GeneralLiability #RiskManagement #Efficiency #SmallCommercialBusiness #ClientsFirst #RealTimeInsurance #Innovation #Insurance #SmallCommercialInsurance

Jonathan Hooven, Shannon Gundersen and Josh LaRiccia will be attending TMPAA 24th Annual Summit in Scottsdale, AZ. Reach out to Josh if you would like to schedule a meeting to learn more about First Insurance & Risk Management. #First #GeneralLiability #TargetMarkets #Partnership #Networking #TMPAA #SmallCommercialInsurance #Partnership #RiskManagement

We're sharing a brief history of underwriting to add some color to our brokers' request for stability of coverage: Whether in 1688 at Edward Lloyd’s coffee house in London or in 1752 when Benjamin Franklin and his fellow firefighters founded The Philadelphia Contributionship, insurance contracts were originally made between parties who personally knew one another, often signing beneath the policyholder’s name (hence the term underwrite). Today, it’s impossible for insurers to know each insured personally. But the purpose of underwriting remains unchanged: to be a stable risk transfer partner for policyholders and deliver consistent results for capital providers. How does a modern insurance company achieve underwriting profit? Over the last 15-20 years of remediating long-tail casualty programs and developing new ones, I’ve found it helpful to view the business as a three-legged stool: 1) Product 2) Service 3) Distribution Product is where underwriting, actuarial, and claims reside, steering the “what” and “why” of the business and shaping the ultimate loss ratio. The service leg is driven by operations and technology, owning the “how” of the business. Distribution focuses on top-of-funnel strategy, selecting target classes and channels, and influencing both the “how” and the “why.” The “when”—whether speed to market or course correction—depends on seamless collaboration across all teams. What do successful insurance organizations have in common? 1) Standardization 2) Data utilization Standardization means things like industry classification systems (e.g., NAICS), rules-based underwriting, and workflow designed with the entire policy lifecycle in mind. Data utilization is key to proactively managing the business. From day one, access to leading indicators—whether the data is structured or unstructured, first-party or third-party, organic or synthetic—provides actionable insights that predict both top- and bottom-line results. Without enterprise-wide collaboration in planning and execution, and combining the old with the new, the outcome—often years later—is reactive remediation instead of proactive protection, harming both policyholders and capital providers.

Jonathan Hooven, Shannon Gundersen and Josh LaRiccia will be attending ITC annual event in Las Vegas. Reach out to Josh if you would like to schedule a meeting to learn more about First Insurance & Risk Management. #First #GeneralLiability #ITCAnnualEvent #RiskManagement #Networking #ITC #SmallCommercialInsurance #Partnership

Provide your clients with the freedom to focus—First Insurance & Risk Management delivers quick, seamless insurance. #First #GeneralLiability #RiskManagement #Freedom #SmallCommercialBusiness #ClientsFirst #RealTimeInsurance #Innovation #Insurance #SmallCommercialInsurance

Support the businesses that build and maintain—First Insurance & Risk Management offers protection for contractors and more! #First #GeneralLiability #RiskManagement #Protection #SmallCommercialBusiness #ClientsFirst #RealTimeInsurance #Innovation #Insurance #CommercialInsurance

Provide your clients with the freedom to focus—First Insurance & Risk Management delivers quick, seamless insurance. #First #GeneralLiability #RiskManagement #Freedom #SmallCommercialBusiness #ClientsFirst #RealTimeInsurance #Innovation #Insurance #SmallCommercialInsurance

On this day of reflection, we remember September 11th as a testament to unity and resilience. We honor the lives lost and the heroes who emerged in the face of tragedy. Let us renew our commitment to each other with compassion and strength. At First Insurance & Risk Management, we stand in solidarity, remembering the past and building a hopeful future.

Put efficiency first—secure coverage in real time with First Insurance & Risk Management. #First #GeneralLiability #RiskManagement #Efficiency #SmallCommercialBusiness #ClientsFirst #RealTimeInsurance #Innovation #Insurance #SmallCommercialInsurance