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How BimaTrust Makes Underwriting Easier BimaTrust simplifies the underwriting process through several key features tailored to the needs of the African insurance market: 1. Streamlined Data Management: BimaTrust offers a centralized platform for managing all aspects of insurance operations, including policyholder information, claims data, and risk profiles. By consolidating data in one place, underwriters can easily access the information they need to make informed decisions. 2. Automated Processes: The platform automates many routine tasks involved in underwriting, such as data entry, risk assessment, and premium calculations. This speeds up the underwriting process and reduces the likelihood of errors. 3. Risk Assessment Tools: BimaTrust provides underwriters access to various risk assessment tools and analytics. These tools help underwriters evaluate the potential risks associated with insuring a particular individual or entity, allowing them to make more accurate pricing decisions. 4. Integration with External Data Sources: BimaTrust can integrate with external data sources, such as credit bureaus and government databases, to supplement the information available to underwriters. This enables them to obtain a more comprehensive view of each applicant's risk profile. 5. Customizable Workflows: The platform allows insurers to define their underwriting workflows based on their business requirements. This flexibility ensures that underwriting processes can be tailored to accommodate different product lines and regulatory environments. 6. Compliance Management: BimaTrust helps insurers ensure compliance with regulatory requirements by providing tools for managing documentation, tracking regulatory changes, and generating reports. Overall, BimaTrust empowers insurers to streamline their underwriting processes, improve efficiency, and make more informed decisions, ultimately enhancing their ability to serve customers effectively in the African insurance market.

Insurance Underwriting: The Risks of Further Transformational Failure I was lucky enough to participate in Capgemini’s world property and casualty insurance report 2024. 🔥 Titled ‘How to Become an Underwriting Trailblazer’🔥 - the report asked why underwriting transformation has failed, and what needs to happen for it to be successful? And Insurance-Edge.Net and Alastair Walker let me talk a little about my own takeaways from this. 🙏 I say stuff like: 👉 "This is about unlocking the potential to successfully transform. Putting underwriters back at the heart of products. Getting them to start to develop new propositions and business models like it’s their day-to-day. To do this, we need to make sure they are operating in data fluid, intelligent, and highly productive environments and organisations. This will take a lot more than just tech." 👈 EIS Ltd Luca Russignan Alex Moscow Zoe Symonds Jonathan Phillips (JP) Jason Thackeray Paul Whiskin Sara Perez Lisa Wardlaw Paul Wishman Brad Worth David Clamp Hélène Stanway Daren Rudd 👓 Curtis Goldsborough Mike Daly https://lnkd.in/ea2u86Ti

Exciting opportunity alert! 🚀 Join Christopher Kern's team as a Commercial Lines Underwriting Product Specialist and make a significant impact on our innovative insurance solutions. Your expertise will shape our product offerings to meet market demands and regulatory requirements effectively. Work alongside a dedicated team, fostering professional growth and advancement in a supportive environment. Responsible for SCoPES, a renowned methodology used nationwide by insurance carriers for evaluating commercial property losses. Dive into hazard analysis and risk assessment using the COPE characteristic for comprehensive results. #Insurance #Underwriting #ProductSpecialist #Innovation

MGAs are indeed a “beautiful” business. My interest in MGAs is in large part borne out of their understated ability to consistently create and maintain attractive financial profiles, with EBITDA margins in the high 20s to low 30s, low capital intensity (capital light), little to no balance sheet risk, and high free-cash-flow conversion. MGAs have several revenue levers which adds to their durability and sustainability. They generate revenue through three sources: 1. Commissions paid by insurers, which typically constitute 60 to 80% of an MGA’s revenue. 2. Profitability contingents, which are performance-based commissions paid by their capacity providers (insurers/reinsurers) based on the underlying performance of the risk that the MGA has underwritten, quoted and bound coverage. They typically account for 20 to 30% of an MGA’s revenue. 3. Additional services (for example, claims administration and inspection), which can generate the final 5 to 10% of an MGA’s revenue. Well run MGA’s deliver excellent returns to their owners, investors, capacity providers (insurers/reinsurers) and provide much needed insurance products, services and solutions to insurance broker and agents. As an interesting data point the article below was written in November 2015. The rise of MGAs is not a “flash in the pan” phenomena. MGAs have been around for many years, are clearly here to stay and they will be around for many years to come. Don’t ignore them. The good ones (and there are many of them) add significant value to all stakeholders. Canadian Association of Managing General Agents (CAMGA) Managing General Agents’ Association (MGAA) Lloyd's

THERE IS NO GOD (OF UNDERWRITING!) John Neal was on excellent form this morning in the Lloyd's Library, talking about the Future of Underwriting. That's why the new Core Data Record (CDR) is going to be so handy. After a few years of collection, Lloyd's market participants will be able to access a vast pool of data relating to a large percentage of the world's insured values. But that doesn't mean digital wins everything. John cited an example of a study he had been privy to. In it the hit rate on new business where the underwriter didn't have a chance meet the client personally was 3%, but would mushroom to 50% if the client could be met face-to-face. So we might have a 24-hour 7 day-a-week insurance market in a few years, but we'll still be meeting face-to-face more often than not if we want to win new business. He also said that because tech never saves you money (in cash terms) you need to use it to grow, so you can do more with the same resources. (ie. the expense halves as you double in turnover, but with the same cost.) He said Lloyd's could double. And not all the growth had to be organic. He didn't deny the recent Insurance Insider story that Lloyd's was being more proactive about seeking new entrants. https://lnkd.in/eRZFbw-W "It's like everything in life, nothing happens by accident, it happens because there's a purpose behind it. So I think we need to have defined conversations with people and create a pathway, that may or may not create an end result." He had said earlier that there were important insurers that should be in Lloyd's but aren't. John said that when he had become CEO he asked everyone (incumbents and some top players that weren't in the market) what they wanted him to do. The main response was that they wanted him to reduce the cost of being in Lloyd's and the Blueprint digitisation projects were what followed. If he executed to plan he could go back to those businesses and say "well, you said that's you wanted us to do, that's what we've done," then conversations about the value of joining could then follow. Thanks to Optalitix for organising and Matthew Grant of InsTech for chairing.

The role of a Managing General Underwriter (MGU) differs from that of a traditional underwriter in several key ways: 1. Authority and Delegation - MGU: Has delegated authority from an insurance company to underwrite policies, set terms, and make decisions regarding risk acceptance. This authority allows MGUs to operate more independently and streamline the underwriting process for agents and clients. - Traditional Underwriter: Typically works directly for an insurance carrier and may have limited authority. Traditional underwriters often need to seek approval from higher management for underwriting decisions, which can slow down the process. 2. Scope of Responsibilities - MGU: Takes on a broader range of responsibilities, including policy underwriting, risk assessment, claims management, and market development. MGUs are often involved in creating specialized insurance products for niche markets. - Traditional Underwriter: Primarily focuses on the evaluation of risks and the underwriting of policies. Their role is more centered on assessing individual applications rather than developing products or managing claims. 3. Market Focus - MGU: Often specializes in specific industries or types of insurance, allowing them to develop expertise and tailored products that meet the unique needs of those markets. MGUs actively seek out market opportunities and foster relationships with agents and brokers. - Traditional Underwriter: Generally works within a broader scope of the company's offerings and may not specialize in any particular niche. Their focus is more on the day-to-day underwriting tasks rather than market development. 4. Agent and Broker Interaction - MGU: Acts as a key intermediary between insurance carriers and agents/brokers, providing support, training, and resources. MGUs often have closer relationships with agents, which can enhance communication and service. - Traditional Underwriter: May have limited interaction with agents and brokers, primarily communicating through established processes. Their role is more internally focused, dealing primarily with the underwriting process itself. 5. Flexibility and Customization - MGU: Can offer more flexible and customized insurance solutions due to their underwriting authority and specialization. This allows them to respond more quickly to market demands and client needs. - Traditional Underwriter May have less flexibility in terms of customization, as they often operate within strict guidelines set by the insurance company. In summary, the role of a Managing General Underwriter encompasses a broader range of responsibilities, greater authority, and a focus on niche markets compared to traditional underwriters. MGUs are essential in enhancing the efficiency and effectiveness of the insurance distribution process by combining underwriting expertise with strong relationships with agents and brokers.

This is how the Lloyd’s market work For an entity that plays a key role in the safety of the world, Lloyd's market remains quite obscure to many. Many have come to think of the Lloyd's market as a black box. Others consider it to be an insurance company. Some even dare take it to mean a high street bank! So whether you are a seasoned professional or a novice in the industry, you want to grab a copy of this cheat sheet now! All of our sheets are available in HD PDF here: https://lnkd.in/eGup7svP In this sheet, we have simplified the functioning of the LLoyd's market, hopefully not too much. INTRODUCTION Over 330 years of pioneering insurance. World's premier insurance and reinsurance marketplace. Mission: Share risk to protect and inspire a braver world. CORE PRINCIPLES Collaboration: Underwriters and brokers work together. Innovation: New, relevant insurance solutions. Resilience: Helps communities recover in times of need. STRATEGIC VISION Performance: Excellence in market outcomes. Digitalisation: Leading with Blueprint Two for tech advancement. Purpose: Commitment to societal well-being. Culture: Inclusivity, respect, and integrity at its core. ... CORE BUSINESS OPERATIONS Underwriting Process Essence: Assess risk, set premiums. Tools: Crystal: Clarifies regulatory requirements. Risk Locator: Identifies location-based risks. Stamp Decision Tool: Aids in contract stamping decisions. Policy & Compliance Framework: Wordings Repository: Standardizes policy language. Business Timetable: Organizes policy issuance schedule. Contract Confidence: Guarantees contract clarity and enforceability. ... HOW THE MARKET WORKS AT LLOYD'S The Underwriting Room: The Heart of Lloyd's Face-to-Face Business: Central to Lloyd's operations. Brokers: Facilitate risk transfer between clients and underwriters. The Process of Risk Transfer Clients: Discuss risk needs with a broker, coverholder, or service company. Specialist Underwriters: Price, underwrite, and manage claims for each risk. Syndicates: Offer concentrated specialist underwriting expertise. Market Structure Benefits Innovation & Speed: Encourages better value and solutions. Direct Access: Immediate answers from decision-makers. Specialist Concentration: Unrivalled underwriting talent. Participants in the Lloyd's Market Policyholder: Businesses, organizations, insurers, individuals worldwide. Local Broker: First contact, assesses needs for Lloyd's marketplace. Lloyd's Broker: Negotiates with underwriters for tailored policies. Underwriter: Sets price and terms, collaborates on policy creation. Syndicate: Groups of underwriters writing insurance at Lloyd's. Managing Agent: Manages one or more syndicates, employs underwriters. And much more! ____________ If you would like a First Free HD PDF of our sheets, Like Comment Share Thanks!

“Holly was introduced to address some of the challenges faced by #intermediaries in completing #applications and meeting #underwriting requirements. #Holly eliminates the back-and-forth associated with incomplete information in manual applications by introducing a simplified underwriting process that enables quicker #onboarding and smoother #claims processing,” says Amanda van Heerden, Underwriting Consultant at Hollard Life Solutions. #insurance #underwriting #hollardlifeinsurance #lifeinsurance #insurancepolicy Hollard Insurance

Are you befuddled by the Lloyd's market? Get this For an entity that plays a key role in the safety of the world, Lloyd's market remains quite obscure to many. From its iconic structure to its specialist terms used within the market and its way of doing business. Many have come to think of the Lloyd's market as a black box. Others consider it to be an insurance company. Some even dare take it to mean a high street bank! So whether you are a seasoned professional or a novice in the industry, you want to grab a copy of this cheat sheet now! All of our sheets are available in HD PDF here: https://lnkd.in/eGup7svP In this sheet, we have simplified the functioning of the LLoyd's market, hopefully not too much. INTRODUCTION Over 330 years of pioneering insurance. World's premier insurance and reinsurance marketplace. Mission: Share risk to protect and inspire a braver world. CORE PRINCIPLES Collaboration: Underwriters and brokers work together. Innovation: New, relevant insurance solutions. Resilience: Helps communities recover in times of need. STRATEGIC VISION Performance: Excellence in market outcomes. Digitalisation: Leading with Blueprint Two for tech advancement. Purpose: Commitment to societal well-being. Culture: Inclusivity, respect, and integrity at its core. ... CORE BUSINESS OPERATIONS Underwriting Process Essence: Assess risk, set premiums. Tools: Crystal: Clarifies regulatory requirements. Risk Locator: Identifies location-based risks. Stamp Decision Tool: Aids in contract stamping decisions. Policy & Compliance Framework: Wordings Repository: Standardizes policy language. Business Timetable: Organizes policy issuance schedule. Contract Confidence: Guarantees contract clarity and enforceability. ... HOW THE MARKET WORKS AT LLOYD'S The Underwriting Room: The Heart of Lloyd's Face-to-Face Business: Central to Lloyd's operations. Brokers: Facilitate risk transfer between clients and underwriters. The Process of Risk Transfer Clients: Discuss risk needs with a broker, coverholder, or service company. Specialist Underwriters: Price, underwrite, and manage claims for each risk. Syndicates: Offer concentrated specialist underwriting expertise. Market Structure Benefits Innovation & Speed: Encourages better value and solutions. Direct Access: Immediate answers from decision-makers. Specialist Concentration: Unrivalled underwriting talent. Participants in the Lloyd's Market Policyholder: Businesses, organizations, insurers, individuals worldwide. Local Broker: First contact, assesses needs for Lloyd's marketplace. Lloyd's Broker: Negotiates with underwriters for tailored policies. Underwriter: Sets price and terms, collaborates on policy creation. Syndicate: Groups of underwriters writing insurance at Lloyd's. Managing Agent: Manages one or more syndicates, employs underwriters. And much more! ____________ If you would like a First Free HD PDF of our sheets, Like Comment Share Thanks!

“Behavioural skills are more important in insurance and reinsurance companies, than just technical know how” Behavioral skills are also crucial for the success of insurance and reinsurance companies. Here's how behavioral factors can contribute significantly to their success: 1. Client Relations and Sales: In the insurance industry, building and maintaining strong client relationships is essential. Behavioral skills such as empathy, active listening, and effective communication are critical for understanding clients' needs, building trust, and ultimately making sales. Agents and brokers with strong behavioral skills are more likely to connect with clients and provide them with the right coverage, leading to increased customer satisfaction and retention. 2. Risk Assessment and Underwriting: Behavioral skills such as critical thinking, attention to detail, and problem-solving are vital for underwriters in insurance and reinsurance companies. These professionals need to assess risks, evaluate complex data, and make sound judgments. Strong behavioral skills can help underwriters make accurate risk assessments, leading to better underwriting decisions and more profitable portfolios. 3. Team Collaboration and Leadership: In insurance and reinsurance companies, teamwork is essential across various departments, including underwriting, claims, actuarial, and sales. Effective collaboration requires strong behavioral skills such as teamwork, conflict resolution, and leadership. Managers who possess these skills can build cohesive teams, foster a positive work culture, and drive better performance. 4. Customer Service and Claims Handling: Insurance companies need employees with strong behavioral skills to handle customer inquiries, address claims, and provide support during difficult times. Empathy, patience, and clear communication are crucial in these roles, as they directly impact customer satisfaction and the company's reputation. 5. Adaptability and Innovation: The insurance industry is constantly evolving due to changes in regulations, emerging risks, and advancements in technology. Behavioral skills such as adaptability, creativity, and openness to change are essential for employees to adapt to new circumstances, identify opportunities, and drive innovation within the organization. Given these points, it's evident that behavioral skills are vital for the success of insurance and reinsurance companies. While technical expertise is essential, strong behavioral skills play a significant role in areas such as client relations, risk assessment, teamwork, customer service, and innovation, ultimately contributing to the overall success and competitiveness of these companies.