The professional liability area is rapidly evolving, making it challenging for providers to respond and stay up to date.
insurance business usaThe 5-Star winners in 2023 have demonstrated their ability to keep pace with industry needs while consistently contributing to their broker partners.
The successful group was assessed and evaluated on the basis of:
Relationship with brokers
Ability to handle claims
The strength of the individual products they offer
“There are a lot of wholesalers, retailers out there and we don’t think we can be as effective if we try to do business with every single producer in the market.” Daniel MogelnickiTokyo Marine HCC
People Driven Commercial Responsibility
At 5-star winner Tokio Marine HCC, there is a solid policy of moving in the same direction.
Daniel Mogelnicki, Senior Vice President – Underwriting, explains. “The first and biggest part of this is to make sure everyone understands where we are now and where we are going.”
An example of this is how Mogelnicki visits his team’s offices across the US. In part, he is willing to spend time and get to know the firm’s employees better.
“It’s also to make sure that I’m constantly recognizing where we’re going and that everyone, whether it’s the person running that office, the underwriter or the underwriting assistant, knows that,” Mogelnicki says. “We are all on the same team and it is important that everyone knows what they contribute to achieving the goals we have set.”
Based at fellow 5-Star winner Admiral Insurance Group, he is seeing the benefits of a “massive culture change” over the past five years.
The plan is to build a team that:
knows how to be reactive
Understands how to generate revenue
Provides industry-leading service
“The best way I can describe it is we’re trying to build a championship team,” says Nir Gabay, head of professional liability. “It depends on our hiring approach and we are looking for people who fit our culture and have a personality that we feel fits the team. We pay more attention to that than to their experience, and then we train them.
A key part of Admiral’s strategy is to leverage its high performers to enable colleagues to learn and develop. These exceptional team members are known as bright spots.
“We take what we learn from those people and transfer it to help others see that no matter what is thrown at you, there is a way to succeed,” says Gabe.
Being part of such an innovative environment is one reason Admiral is setting the bar.
“They feel like somebody really cares, and what I hear from a lot of my clients today, mostly underwriters, is that they’re not picking up the phone because they don’t get back or don’t care. Are. It’s one thing that we’re doing really well here and you’ve never heard of us,” says Gabe.
“None of this is possible without real frontline underwriters doing their job.”
Neer GabeAdmiral Insurance Group
Importance of niche products has increased
As businesses are becoming more complex and especially with increasing reliance on technology, there is a growing need to introduce specialized policies for the professional liability area and deal with emerging cyber issues. This is one of the challenges that the Admiral has faced boldly.
“This is a very difficult part of the job because we are making mistakes that can be made by a doctor, an architect, or an engineer,” says Gabe. But with cyber, you’re underwriting a company’s internal controls.”
This means that the company focuses on being as efficient as possible.
“We really put a lot of effort into thinking generally and across all of our lines and asking ourselves ‘What are the questions that really matter and how does it all work together?’”
Similarly, at Tokio Marine, they are developing their offerings to anticipate what’s going to happen next.
To do this, they accept that they cannot meet the needs of everyone in the market.
“We are not something to everyone. We have a space that we really think we do well and the fact that we have been voted by our customers to receive this award makes me really proud of the work my staff do. Is,” Mogelnicki says. “We are very proud of our ability to deliver very effective products in certain specific segments.”
Part of this success is based on the longevity of some team members.
For example, Tokio Marine’s professional group has been together for more than 25 years, and there are many professional engineers. Therefore, they are highly technical.
Other specific areas operated by the company include:
Of the latter, Mogelnicki notes, “It’s probably the fastest-growing space out of all the classes we underwrite.”
And he adds, “We’ve focused our efforts on doing business with producers that we think we can bring value to and who see that value in return, so that we have a solution for both sides.” Have an effective relationship.”
5-star winners avoid complacency
The true test of class- and sector-leading vision is to continually challenge the status quo.
The drive to continually improve and enhance our offerings is a trademark of this year’s 5-Star winners.
Tokio Marine has a large number of long-term employees and is well suited to this.
“Sometimes there may be some people who say, ‘This is the way we do it, so this must be the right way.’ But we know we have to evolve. We spend a lot of time overcoming the challenges of changing that mindset and saying, ‘But you know what? We see something else for the future, so let’s make a pivot. Are,” Mogelnicki says.
“Our staff are used to it by now and we have overcome the challenges of changing mindsets where this is necessary,” he added.
The need to repeat upward extends beyond the internal mindset.
“We are working on a comprehensive change to our processing system. I really don’t want to pay our underwriters to sit in front of a keyboard. I want them to have time to analyze, make decisions, interact and if they’re stuck in front of a computer typing data from a PDF sent into the system, that’s a waste of time. So, we have come a long way from a technical point of view in developing different systems and frankly, it is a huge investment.
This desire to push the envelope is reflected in Admiral. They are dealing with the issue of technology adoption in the right sectors.
Gabe explains, “About 60% or more of our applications today are handwritten. It’s 2023 and they’re still handwritten.
This led the management team to study the questions they ask customers and how it could be handled more efficiently.
“If you take a typical application for professional liability for an insured, probably 50% are accurate and 50% have extra questions that aren’t even related to their work. As an industry, we try to ask as many questions as possible to get data and then as soon as we see something we ask more questions, which can be a huge waste of time,” says Gabe. Are.
Admiral’s solution is to create a digital tool that collects all the information electronically but, in addition, updates itself by hiding or asking only relevant questions during the application process.
Gabe comments, “It’s a one-stop shop, we get what we need and we don’t go back because we all want to save time. “Now our people can use that extra time because they are empowered to make their own decisions.”
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