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Commentary

Underwriting from strategy to execution

In order for underwriters of all levels to do their jobs consistently, it is critical for carriers to clearly define and communicate their underwriting strategy.

By Joe Calandro, Jr., Katie Klutts, Francois Ramette | Updated on October 21, 2015
To enable their underwriters to make the best underwriting decisions, carriers must arm them with the company’s leading practices and expertise. (Image: Thinkstock)

To achieve desired profitable growth, commercial insurance carriers strive to develop best-in-class underwriters who demonstrate a broad range of skill sets, including the ability to take on sales, marketing and analytical responsibilities. Highly successful carriers embrace a “best athlete” model and continue to expand the role of their underwriters. They prefer underwriters with an entrepreneurial mindset, place them at the center of transactions and reward them appropriately.

However, while some underwriters may have the entrepreneurial prowess to develop a large network of loyal producers and identify innovative endorsements, the majority must focus on improving their fundamental underwriting skills to select and price risk in alignment with their carrier’s underwriting strategy. This is even more critical for geographically distributed carriers (i.e., broad distribution footprint and decentralized underwriting units) that must ensure high quality and consistent underwriting practices among a very diverse community of underwriters (some of whom may come from competitors and be tempted to underwrite according to their previous employer’s strategy and underwriting guidelines).

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