Underwriting Expertise

Average carrier performance 8.00

Underwriting expertise jumped 11 percentage points in importance to brokers this year – 60% rated it as one of the three most important things they look for in a carrier, up from 49% last year. In terms of carrier performance, it came in a close second, trailing commitment to the broker distribution channel by just 0.2 points.

Many brokers were openly appreciative of their carriers’ under-writers. “I find their underwriters well versed in our clients’ needs,” one broker said. “The underwriters are experienced and knowledgeable; I like having assigned underwriters to brokerages rather than a queue,” said another.

The three most common criticisms revolved around lack of experi-ence, poor communication and excessive rigidity. Regarding the first point, many brokers acknowledged that while the experienced under-writers at their carriers were great, newcomers often require far more education than they’re currently receiving. “Invest in mentoring young underwriters while keeping the older ones,” “further training for new underwriters” and “better in-house training” were among the suggestions from brokers.

Lack of communication often boiled down to difficulty getting in touch with underwriters. “We struggle to get an underwriter on the phone or to respond,” one broker said. Others put it more plainly: “Answer the phone or call back!” Speed of communication also came up, as brokers noted the need for quicker turnaround time on quotes.

And then there’s the lack of flexibility. “At times they are too rules-based and not always open to true underwriting versus processing,” one broker said. “The underwriters are by the book and leave no wiggle room for any accommodations,” said another after giving their primary carrier a poor rating in this area. “Give them back some authority to think,” suggested a third respondent.