We've Got History
After 9/11, Larry Silverstein's $3.55 billion insurance claim became a dispute over whether one or two occurrences had happened. What determined the answer?
How each individual carrier's policy defined the word 'occurrence'
The five stages of the policy lifecycle in order are:
Quote, Bind, Issue, Endorse, Renew
What estimated percentage of insurance tasks could be automated?
60%
A manuscript endorsement is best described as:
An addition to a policy that adds coverage, removes coverage, or modifies the term.
A custom-drafted provision written specifically for a particular risk
Who's the founder/CEO of HabGen?
Ari Rosenblum
What insurance company had an operational transformation (2017–2020) that resulted in $1.4 billion in savings?
AIG
What is the process improvement cycle?
Identify Bottlenecks
Map the Current Workflow
Design the Improvement
Implement & Train
Measure & Iterate
How many years of loss runs does a UW prefer to have?
5 years
When an underwriter sees three consecutive years of increasing claims on a submission, the best first response is to:
Contact the agent for context
Do additional research into the insured
What team does Tamar work on?
Data team
On July 2, a forklift accident at the factory in Ohio caused $1.4 million in injuries, and they were uninsured. Why was that?
The agent waited until the final day of their current policy to send in a bind request, and the UW was out of the office. Coverage lapsed for 48 hours.
What are the 3 critical partnerships for the Operations team?
Executive Leadership, Business Unit Leaders, & Underwriting Teams
How many days in advance should an agent initiate the renewal process?
90-120 days
What is a binder?
A temporary, legally binding proof of coverage until the full policy is issued
Where was Ryan Lay's alma mater?
Eastern Kentucky University (EKU)
In 2019, within 18 months, a mid-size P&C carrier saw policy processing errors spike 34%, system upgrade projects stall, and two senior technology leaders left. Why?
They merged their Operations and Underwriting teams into one department to "reduce silos."
What are the 4 pillars of operations?
Tech & Systems
Process Improvement
Strategic Support
Digital Transformation
How long can a policy be stuck in the bind stage?
2-6 weeks
15 to 45 days
When the agent receives the issued policy from the carrier, what should they do first?
Compare the issued policy to the binder to catch discrepancies before delivering it to the client
Name at least 2 areas of insurance that Jessica Todd worked in before underwriting.
Claims
Sales Agent
Customer Service/CSR
AI Jim
Name at least 2 of the 4 core technology areas within Operations.
Policy Admin System
Document Management
Reporting & Analytics
Integration & Automation
What is the average number of touch points in the negotiation process between the agent, broker, and UW?
14
Give at least 2 examples of when a mid-term endorsement might be needed:
Changing Locations
Acquisitions/Restructuring
Correcting an Error
What is Madeline's graduate degree in?
Computational Chemistry