’We have a very unique ability to be able to foresee what the trigger points are,’ says head of underwriting strategy
It is “crucial for brokers and insurers to work together” in navigating uncertain times to provide “the best solutions for the customers we serve,” said Michael Gregory, head of underwriting strategy at insurer RSA.
Speaking at a session entitled Navigating Uncertain Times with RSA at the Biba conference today (10 May 2023), Gregory warned that the UK is in a period of heightened risk that required more collaboration within the industry.
This risk included high inflation that has evolved into stagflation, interest rates hitting margins, consumer confidence falling, geopolitical tensions and energy shortages exacerbating the risk of business continuity failures.
However, Gregory said that only by understanding where to look and how to act on these indicators could insurers and brokers work together to overcome these challenges.
Gregory said that “the customer is central to the success of the industry” because “[the customer] support direction will only increase revenue” for businesses in the industry.
Therefore, he said RSA would “continue to build” its relationship with its broker “working partners”.
Gregory said: “We can support [brokers in] navigating the external environment. We track thousands and thousands of variables directly to several 170 countries by the global network.”