HM Insurance Group’s Post

“When underwriters are weighed down with manual tasks, it rubs off on how they interact with their brokers and impacts their ability to build relationships.” – Jeff Jamison, ARM, President, Wichita Market at IMA, Inc. Read the article for more insights on how insurers can improve the broker experience. 👇 👀 #underwriting #underwriters #insurance #insurtech

Pathpoint was at WSIA Underwriting last week (Melissa Chi and Dan Clark thank you for joining me!) — the mid-year event focusing on underwriting, delegated authority, and program specialist in the wholesale space. I want to share a few observations. We had a great time meeting with our trading partners to share feedback and align on strategy. 1/ This was my first time at WSIA Underwriting. It’s about one eighth the size of the Marketplace event. Which means more time focused on developing trading relationships (for us, that means digging in with underwriting teams we partner with on the most effective ways to grow profitably and efficiently through technology). 2/ Binding authority wholesalers and carriers seeing an increasing number of new business submissions into the E&S channel; small business submissions especially continuing to grow. The general sentiment is most wholesaler and carriers had record 2023 if they were positioned well. 2024 submission growth, through a couple months, is exceeding 2023 pace. The velocity submissions grow at will slow, and when it does we expect it will happen quickly, but it has not yet in the small commercial segment. 3/ The property market and the conversations about it are calmer — way less tense than a year ago or 18 months ago. Rates are up, generally, but we are no longer intensely short on capacity. Carriers are choosy and disciplined. However, conversations are much more about “segments,” or niches, of the property market that remain hard — we’re now starting to look for areas where conditions are favorable, rather than observing a complete cycle accelerating. 4/ Commercial real estate: everyone is waiting for the shoe to drop with office vacancies and underutilized commercial office buildings and how that might change submission make up and exposure in the market. 5/ The market feels, and this is contrary, more fragmented. The big are getting bigger, but intermediation is increasing. The MGA and programs market continues to grow and new capacity entering the market is doing it through an MGA/MGU go-to-market model (intermediaries for intermediaries). We started Pathpoint to enable agents to connect with E&S products with improved visibility and reduced friction. I’m surprised that it feels like the commercial market has trended towards more intermediation over the last 5 years. There are structural reasons for this, and the rise of networks/aggregators/franchises may help agents manage this. But, it’s likely more confusing for an agent to get market access in a niche today than it was 10 years ago. Part of this is due to underwriting conditions of the last 4 years. Part of this is the increasing reliance on intermediaries.

I fully admit that I am not the most experienced underwriter in the world, but I have been doing this for 10 years, and I have seen some things change in the industry. I think I might do a few posts over the coming days about some of these changes. This first one makes be a little bit nervous. When I started underwriting, I received email requests for coverage forms ALL THE TIME. It bordered on annoying if I'm being honest, but I knew it was important because people wanted to know what they were buying. I learned very quickly that I needed to make folders by carrier on my desktop so that I could have all of the various forms at my fingertips. I don't nearly use those folders as much as I used to, and that makes me nervous. It is true that many carriers have made the decision to hyperlink the forms on their quotes. That is obviously helpful and would remove the need for me to supply them. It is also true that some carriers include complete specimen policies, so that is also helpful. They have not all made these improvements, though. It still makes me nervous that I don't get nearly as many requests as I used to. I hope I am wrong, and please comment if I am. I'm willing to acknowledge if I'm wrong. Please review your coverage forms and exclusions with the insured. I know there are tons of you who do it the right way, and I still do get some requests for sure. I don't want to condemn everyone by any means or be overly critical. However, I do write this as a cautionary tale as a trend I have observed. These requests are absolutely less frequent than they used to be. Some policies have the right price until you look under the hood and realize it is a piece of paper with some words on it and not much more. If you ever want a form from me on one of my accounts, please ask. Yeah, I will probably regret posting this when you blow up my email next week, looking for coverage forms. However, it is an important part of selling a policy to the insured, and I will be happy to support you in that as we try to bind business together.

The Hiscox Underwriter. The Hiscox Underwriter should be many things, but above all, they should be a little bit different. Different from the average underwriter. Not because they're necessarily a better underwriter, or a little smarter, or a little friendlier (although these are all good things). It should be their attitude that sets them apart. The Hiscox Underwriter should be a little more hungry to help, a little more driven to succeed and delight, a little more determined to make a difference. It's not about talent, it never has been. It's all about attitude. Our latest intake of new Underwriter's are into their second month of our Underwriting Academy. Over their first few months they'll learn the basics of insurance, of underwriting and of trading. But this won't be what makes them successful, it won't be what sets them apart. It will be the tenacity and their creativity they show over the coming years which will not just make them an underwriter, but turn them into a Hiscox Underwriter.

One of my title agent friends recently shared that he had outsourced most, if not all, of his #titleproduction to his underwriter, which is uncommon in New Jersey. I was surprised because I know his title agency focuses on complex commercial transactions and because I know him to be a more traditional and conservative title agent. Although it may take some time for us to get comfortable with ceding control over our agency's title production, I've spent some time thinking about the pros and cons of outsourcing title production to the underwriters. PROS: - Examination and production becomes a COG, rather than an overhead cost. Especially during the down market of the past couple of years, this can make a big difference in profitability. - Product is backed by underwriter, mitigating the agent's risk. - There have been times when one of my readers has gone on vacation, or left the company, leaving me with a lack of capacity. Having a solution for these types of situations can help alleviate overwhelming the team. CONS: - I've noticed that a lot of the commitments prepared by underwriters (we rely on them in Pennsylvania) have a lot of redundant or extraneous requirements/exceptions. It's clear that, since these commitments are prepared by underwriters, they often feel the need to include more to mitigate their own risk. On my end - we end up spending the first 10 minutes omitting all the junk items on the commitment. - Lack of control over quality, turn times, and "the way we like things done". - No face behind the product - we frequently have questions, and it is helpful to know who read the file to ask them clarifying questions. This interaction is much harder when there is no direct channel between the reader and the title officer. I would love to hear the thoughts of any NJ title agents who use underwriter production or have tried it.

With the weather looking like it's holding out at least until Friday, hopefully everyone's week has got off to a good start!🌞 I came across this very insightful article this morning, any current or aspiring underwriters this is definitely worth a 5 minute read!🔍 #insurance #underwriting #operations

Do you struggle with underwriting issues? Loadings, exclusions, declines and automatic GP reports can cause delays create unhappy customers and add to your workload. Here's how to avoid underwriting issues: 1) Right questions, right time. Ask key questions early on to avoid wasting time. If your client has new worsening symptoms or are awaiting results of tests, for example, this will usually result in a decline or deferment. 2) Pre-underwriting research. Do pre-underwriting research. Speak to underwriters directly, use UnderwriteMe or ask your BDM for indicative terms and avoid GPR triggers, for example. Time invested upfront will save you more time later on. 3) Manage expectations. Loadings and exclusions don't need to become deal breakers if you use your knowledge and research to manage clients expectations well from outset. 4) Challenge terms. Don't be afraid to challenge underwriting terms or decisions. Emma A. talked at the COVER Magazine Claims and Underwriting Summit about being confident to push back on terms. Don’t forget, underwriters are humans too.

Collaboration Through my fifteen years in the #titleinsurance industry, my experience has been that title agents and title agencies have traditionally worked in silos.  I get it - in many ways, it’s a zero-sum game.  My winning a client means you losing a client.  Just look at the underwriters - it’s the same reps and same counsels moving from one underwriter to another.  The world is changing, though, and changing at such a rapid pace that title agencies won’t be able to keep up by simply minding our own business.  If all we rely upon are underwriter bulletins to hear about fraud, or technological advances, or new platforms to market on, then we are dead in the water.  The dog eat dog mentality is an anachronism of an earlier era.  Surviving and thriving requires collaboration. How do we do this?  It starts with a conversation; I’d love to hear your thoughts and ideas.  Let’s connect.

Embracing the Fast Lane: A Junior Claims Underwriter's Journey Hey everyone! 👋 Sharing my journey as a Junior Claims Underwriter and how the fast-paced pressure has become a welcome challenge. In the fast-paced world of Claims Underwriting, staying in control is the key to success. Navigating through challenges, I've learned the importance of maintaining composure even in the face of customer backlash. Maintaining composure in claims management is crucial for effective problem-solving. It enables a clear-headed approach to assess situations, analyze data, and make informed decisions. When emotions are kept in check, it fosters professionalism, allowing for better communication with both clients and team members. This composure not only enhances efficiency but also builds trust, as clients appreciate a calm and collected response in times of uncertainty. Overall, composure in claims management is the cornerstone for getting the job done efficiently and effectively. I am glad Alpha Direct Insurance Co. gave me a platform to grow and appreciate the fast lane that is Claims management #ClaimsManagement #ProfessionalComposure