This article was produced in partnership with Solution Underwriting Agency
Online quoting tools at insurers make life much easier for brokers, but such conveniences need to be used with care in a tough market.
This is because brokers looking to place risk may miss out on solutions that only a human can make a judgement call on – especially when an underwriter has the ability to cater to customers who fall ‘outside the box’.
“As cycles begin to flatten or soften its easy to just get a handful of quotes online without having to speak or interact with an underwriter or broker anymore,” says Andrew Boyce, state manager for financial lines in VIC/SA/TAS at Solution Underwriting.
Solution Underwriting specialises in financial lines, general liability and accident and health, complex areas that are being buffeted by economic headwinds in some sectors.
“[In such a market] we become time poor from increased workloads - there tends to be a lot of price checking or remarketing from online options where price seems to be the biggest driver,” says Boyce.
To make sure brokers are getting the optimal service for hard-to-place risks, it is important to speak directly to an underwriter and vice versa.
“[After getting a quote online], I’d just encourage brokers to contact the holding underwriters prior to moving to another insurer based on price alone. Similarly for underwriters – you can no longer just email a quote or renewal terms to a broker and expect that you will receive bind instructions.”
Technology is changing the insurance industry at breakneck speed, but sometimes talking to a person is the best way to get the optimal solution as well as to develop important career skills.
“A simple conversation with a broker to ascertain the client’s expectations or instructions goes a long way. It’s also a really good way to build some rapport and start to develop a relationship with the broker,” says Boyce.
In a challenging market, increasing your skill set comes back to the basics.
“Communication is key here – listening and empowering individual staff to have input into their roles and responsibilities is important,” says Boyce.
This is especially so as more organisations settle into hybrid working arrangements where employees are trusted to work alone.
Conferences take on outsize significance as events to expand networks but also to practice perhaps rusty social skills and gain exposure to new information and different opinions.
“There are some really good insurance events these days.”
Solution has a reputation for investing in its staff and encouraging them to grow – and they have an enviable 92% retention rate to show for it.
Boyce says professional development is a two-way street.
“I think professional development needs to be up to the individual and it’s the responsibility of leaders to provide opportunities for individuals to grow and develop.”
Over the last year, Solution has established a buddy program for senior underwriters to mentor less experienced underwriters as well as introduced a graduate program.
“We’ve adopted a buddy system so our junior/assistant underwriters rotate quarterly with more senior underwriters where they can discuss their renewals and policy queries or underwriting options. We have found this really empowers them to make decisions and be able to discuss risk and quote options with brokers.”
The graduate program is designed so that new underwriters can spend time within each individual business unit and get a broader exposure to the insurance industry overall.
“This has been really successful with our most recent graduate being promoted into an assistant underwriter role,” says Boyce.
Further down the career path, Solution encourages staff to formally take on a more senior role when they have mastered only 80% of the skills required for the job.
“This keeps staff engaged and still having to learn or develop into a role and also shows our commitment to their development.”
Of course, the level of experience sees underwriters at Solution focusing on different skills. Junior underwriters spend time on basic underwriting skills, including rating and pricing risk as well as product knowledge “to build that ‘gut’ underwriting knowledge and experience”.
For the more senior roles, there is more emphasis on developing relationships and mentoring skills.
But regardless of career level, in a tough market with many challenges it is those who are able to personally engage others to find the extra mile in a deal who will stand out.
“Insurance is still a very relationship driven industry, so you need to have a personal brand,” says Boyce.
Solution Underwriting is a thriving and innovative agency committed to fostering a positive and diverse culture, service-driven attitude, and genuine relationships within the insurance industry. Solution prides itself on its flexibility and pace, tailored quality coverage and first-class local and London security. It provides a range of financial lines, general liability and accident and health products to brokers nationally, and with offices in Melbourne, Sydney, Brisbane and Perth and over 50 employees, Solution has positioned itself as a leader in the SME space.
