HIGHLIGHTS OF THE 2024 AHOU CONFERENCE - EMBRACE THE UNDERWRITING REVOLUTION - CONTINUED
Sophie Clément, Certified FALU VP, Business Development SCOR Toronto, Ontario sclement@score.com
Thriving Teams, Thriving Business: Cultivating Retention Through Well-being Larnise Boain, VP, Global Diversity, Equity and Inclusion, RGA Alicia Morris, PAHM, VP, The Jacobson Group The insurance workforce has undergone significant changes in the past 4 years. Shifting employee ex - pectations, long-term hybrid and remote work en- vironments, and a talent shortage have all affected how leaders effectively engage and retain members of their teams. Well-being: Ask your employees and colleagues, “How are you doing?” Be present, and listen when they answer.
Underwriting in the digital age is not only an under - writer journey, it is an industry transformation that also includes pricing and innovation/solutions teams. We must come together to create new experiences for consumers while streamlining our processes. The time when underwriters looked at clean cases is gone, and from now on, cases will be complex. We need to support our underwriters. We must look at the data together with pricing and innovation/solu- tions teams, not in silos. The next step for the industry: the “Refer to Under - writer” cases. It is time for the insurance industry to leverage the power of analytics, to streamline beyond automation. There is still room to accelerate underwriting and to bypass fluids for cases referred to an underwriter. Underwriters now wear many different hats, and we have to manage change, always going back to the roots of underwriting: “Does it make sense?” For underwriters, a case is a person. For actuaries, they expect slippages and use the law of large numbers. We have to connect the two and trust that products are priced for some slippage. Underwriters could also work more closely with their claims colleagues and ask: “Could we under - write some things better? Where should we focus?” Post-issue underwriting can be valuable even if not rescinding policies; it can help with learnings and validating our processes. We need to update our rules and maybe even break some of those rules. In these changing times, we are asking underwrit - ers to make decisions on limited data. We need to empower them, back them up, while following our
Five essentials of employee well-being: • Protection from harm. • Connection and community.
• Work-life harmony. • Mattering at work. • Opportunities for growth.
Actions for leaders: • Help employees discover their strengths. • Don’t tolerate abusive managers. • Develop managers to be coaches. • Include well-being in conversations. • Lead by example: Practice self-care and set boundaries. • Hold regular check-ins. Underwriting in the Digital Age Mary Hanson, FALU, FLMI, Chief Underwriter, Amica Nanditha Nandy, SVP, Head Data Driven, UW Solu- tions Americas, Swiss Re
ON THE RISK vol.40 n.3 (2024)
34
Powered by FlippingBook