Big Business
Name one of the four key reasons why underwriting matters to the carrier from a business perspective.
Profitability
Portfolio Balance
Market Reputation
Sustainability
What's the first thing a UW should evaluate/determine when a new submission lands on their desk?
Does it fit the carrier's risk appetite?
Give me at least 3 of the 5 metrics regarding how claims data feeds the underwriting process?
Loss Ratio
Claim Frequency
Claim Severity
Loss Development
Root Cause Patterns
Josh Belanger has a saying regarding his stance on paying claims when the policy language is unclear - what was that saying?
"If it's grey, we pay."
What city did Sevin buy her new house in?
Pittsboro, NC
Name at least 3 of the groups/teams that set risk appetite for the carrier?
Board & Leadership
Actuarial Teams
Underwriting Leadership
Individual Underwriters
What is the name of the metric that awards loss control, underwriting, and claims for thinking like one team?
Total Cost of Risk (TCOR)
It is a metric used by organizations to measure every dollar spent on managing, mitigating, and transferring risk. It adds up premium + retained losses + loss control spend + admin.
What are the 2 claims philosophies?
Adversarial & partnership
Underwriting can be best described as the process of evaluating, _______-ing, and ________-ing risk.
What university did Sevin attend? (This was revealed in the "Curate Your Digital You" session).
Fayetteville State University
Name at least 1 feature of the conservative risk appetite.
Well-established risks
Higher pricing targets
Restrictive Terms
Lower Policy Limits
Narrow Geographic Scope
What were at least 2 of the critical factors in professional liability underwriting?
Allegations, Not Physical Damage
Financial Condition is Critical
Legal Environment Matters
Long Tail Exposure
What's the first step in the claims process?
Notice of Loss / First Notice of Loss / FNOL
In professional liability underwriting (D&O/E&O), what is one of the biggest predictors of a potential lawsuit?
Financial Condition
Companies in financial distress face significantly more lawsuits: revenue declines, layoffs, and restatements all increase D&O exposure.
What is the difference between an occurrence-based policy and a claims-made policy?
Occurrence policy covers incidents that happen during the policy period (regardless of when the claim is filed).
A claims-made policy only covers claims that are both made and reported while the policy is active
What's one reason why underwriters monitor their portfolio/book of business?
Spotting positive and negative trends.
Tracking loss ratio and/or profitability of the book.
Preventing concentrated risks in one region, industry, or class of business.
Reporting to leadership/carrier.
What is the 2 primary perils for cyber liability?
Breach, ransomware
What is the formula for loss ratio?
Claims paid divided by premium earned
What's at least 1 reason why cyber is uniquely challenging compared to other specialty lines?
Constant threat evolution
Limited actuarial history
Systemic risk where one vulnerability can trigger thousands of simultaneous claims
What was the major insurance carrier Josh Belanger worked for before Surestead?
Farmer's Insurance
Name at least 1 feature of the aggressive risk appetite.
Harder to place risks welcome
Competitive (lower) pricing
Broader coverage terms
Higher limits available
Growth-oriented strategy
What are at least 1 of the tools commonly used in Property / CAT-exposed underwriting?
CAT Models
Location Analysis
Aggregation Management (track total insured value in a region)
What is the most common loss trigger for a professional liability policy?
Allegations
What is the official name of the insurance application an insured completes?
ACORD 125
A UW has 3 potential options regarding how to proceed when they receive and evaluate a new submission. What are they?
Accept, Modify, or Decline.