Arch Insurance has chartered a new course in its operational strategy with the introduction of a pioneering program management vertical.
While primarily an underwriting company, Arch recognized the need to redefine its approach to business about a year ago.
“We realized with all of the different competing priorities for underwriting teams on a daily basis, there may be a better way to achieve everything we need to and also remain focused on the key priorities – so we decided to split the department into two verticals,” vice president of programs Jeff Robinson told Insurance Business Canada.
In response to this realization, the decision was made to establish two distinct verticals: underwriting and program management.
Robinson joined the company around the time when these verticals were gaining momentum. He expresses his enthusiasm for this division, emphasizing the strategic advantage it offers
“I really like that we divvied it up and have two separate teams [each] with a very specific focus,” he said. “I don’t think many markets are doing that in the industry, and I think it can be an advantage for us as it allows us to manage the day-to-day actions and at the same time creates an understanding of trends that can help us improve and make changes to a program.”
While the underwriting team handles day-to-day client interactions, program management brings data-driven insights to clients’ attention, encouraging proactive measures on their part.
Robinson spoke of the advantage of the program management vertical in detecting market trends, understanding the voice of the customer, and crafting unique solutions to support partners.
“This information is shared with our broker and MGA partners, who in turn can add value for their insureds,” he said.
Read the full report to learn more about Arch Insurance’s new program management vertical.
