Bolster Underwriting Performance Through Effective Pricing and Governance

Insurance carriers and their brokers need to achieve underwriting consistency.  They also need to manage their portfolios and provide differentiation – not just through price to avoid the “race to the bottom” but also through improved client care and value added services.

Patrick Mottram, Senior Director – Product Management at Precisely, joined a panel of experienced insurers and pricing experts at the Intelligent Insurer’s Commercial Lines Innovation Europe Virtual Event.  Topics discussed during this session included:

• Achieve underwriting consistency and quality. Learn about strategies for improving underwriting performance through rigorous portfolio management and enhanced qualitative judgement on specific industries.
• Explore the limitations and benefits of technical pricing to assess underwriting performance.  Use technical pricing to support discussions with clients, and negotiations with brokers, while making allowances for deviation.
• Navigate the regulatory landscape to allow for effective data-sharing, comply with the EU General Data Protection Regulation and minimize the impact that regulations have on customer dynamics.
• Avoid price wars in the small and medium-sized enterprises market and an erosion of market share by differentiating your offering through enhanced care, value-added services, and risk management tools.
• Build data-driven analytics to inform broker relationships and improve underwriting performance with distribution management techniques and a quality submission flow.

Other contributors to this expert panel included:

Patrick Mottram, Senior Director–Product Management at Precisely

Luis Prato, Chief Underwriting Officer at AXA XL

Tim Pitt, Global Head of Pricing at QBE

Kirsten Mitchell-Wallace, Head of Portfolio Risk Management at Lloyd’s

Read this report and find out more from Patrick and the other panelists on how to bolster underwriting performance through effective pricing and governance.